Telefónica
Madrid-based telecommunications group operating the Movistar, O2 and Vivo brands in Spain, Germany, the United Kingdom, Brazil and Hispanic America. It reported 2025 revenue of €35.1 billion.
Industry: Telecommunications | Location: Madrid, Spain | Founded: 1924
About Telefónica
Telefónica, S.A. is a Madrid-based telecommunications group that sells mobile, fixed broadband, fibre and pay-TV services under the Movistar, O2 and Vivo brands. Its website says it operates in six countries and is present in 34, as of March 2026, with Spain, Germany, the United Kingdom and Brazil as core markets. The group ended 2025 with about 326 million accesses, and its website gives 82,655 employees.
Its history page traces the company to Compañía Telefónica Nacional de España, set up in Madrid in 1924. The Spanish government acquired 79.6 percent of the shares in 1945, and the company became fully public again in 1999. Marc Murtra joined the board in January 2025 and is chairman and chief executive. Emilio Gayo is chief operating officer and Juan Azcue chief financial officer. Christian Gebara runs Brazil, Santiago Argelich Germany and Lutz Schüler Virgin Media O2.
Telefónica organises its services into business services, consumer services, and networks and technology. Movistar is the commercial brand for Spain and Hispanic America, O2 for Europe and Vivo for Brazil. Wayra is the group's corporate venture capital and open innovation platform.
Telefónica launched Movistar in 1994, formed Vivo in Brazil in 2003 as a joint venture with Portugal Telecom and acquired the O2 assets in the United Kingdom, Germany and Ireland in 2006. Virgin Media O2 is a 50:50 joint venture with Liberty Global. It completed exits from Argentina, Peru, Uruguay and Ecuador in 2025, and its Colombia and Chile sales closed in early 2026. On 20 October 2026 it signed a memorandum of understanding with Portugal's NOS on defence and security connectivity.
For 2025 Telefónica reported revenue of €35,120 million and adjusted EBITDA of €11,918 million. Adjusted net income from continuing operations was €2,122 million, while the reported result was a loss of €4,318 million after restructuring costs, impairments and discontinued Hispanic American operations.
At its Capital Markets Day on 4 November 2025 the company presented the Transform and Grow plan for 2026 to 2030. On 30 September 2026 its board approved a simpler operating model for Spain, and Telefónica Tech moved into the B2B unit.
Leadership
- Marc Murtra, Chairman and Chief Executive Officer
- Emilio Gayo, Chief Operating Officer
- Juan Azcue, Chief Financial Officer
- Javier de Paz, Infrastructure, Business Development and Continuity, and Deputy to the Chairman
- Christian Gebara, Chief Executive Officer, Telefónica Brazil
- Santiago Argelich, Chief Executive Officer, Telefónica Germany
- Lutz Schüler, Chief Executive Officer, Virgin Media O2
- Sofía Collado, Head of Telefónica Tech