Telefónica (TEF) AGM 2026 summary

Opening remarks and agenda

• The meeting was validly constituted with 27,661 shareholders present or represented, holding 65.71% of share capital, ensuring quorum for all agenda items.

• The agenda included approval of accounts, profit allocation, auditor appointments, director elections, dividend distribution, remuneration policy, and other statutory matters.

Financial performance review

• Achieved all 2025 financial commitments, with income and profitability improving; adjusted EBIT grew 2%.

• Free cash flow from continued operations reached EUR 2,069 million; B2B income grew 7.1%, IT income now 48% of B2B.

• Spain had its best fiscal year in seven years, with simultaneous growth in EBIT, EBITDA, and operating cash flow.

• Brazil's Vivo led with 11.2% net benefit growth and 103 million mobile accesses; digital services income rose sharply.

Board and executive committee updates

• New independent directors Ana Martínez, Mónica Rey, César Mascaraque, and Jane Thompson proposed for ratification or appointment.

• Board composition now includes more independent directors and women, aligning with governance best practices.