Telefónica reported a €2.8 billion loss in Q4 due to restructuring charges, despite revenue edging up 0.7% to €9.17 billion. The company faced €2.5 billion in personnel costs in Spain and €151 million in transformation-related expenses. Full-year losses reached €2.05 billion, with Latin American divestments contributing to a €2.27 billion discontinued operations loss.

Adjusted EBITDA rose 2% to €3.20 billion, and operating cash flow after leases grew 12.9% to €1.28 billion. Revenue declined 1.5% YoY to €35.12 billion, but constant-currency growth matched 1.5%. Brazil saw 7.1% revenue growth, while Germany struggled with partner migration, losing 4% of revenue.

Telefónica maintained a €0.30 dividend for 2025, with €0.15 paid in December and the remainder scheduled for June 2026. The firm targets 1.5%-2.5% revenue and EBITDA growth for 2026. Key entities: Telefónica, €2.8 billion charges, Latin American divestments, €0.30 dividend.