Telefonica forecasts 2026 profit and revenue growth, a 45% cash flow increase, and a 2027 dividend, despite a 2025 net loss.

Telefonica expects core profit and revenue to grow 1.5% to 2.5% in 2026, with free cash flow reaching about 3 billion euros, a 45% increase from 2025, driven by lower capital spending and efficiency gains. The company confirmed a 2027 dividend of 0.15 euros per share, following a 2026 dividend cut to reduce debt. Despite a full-year 2025 net loss of 4.15 billion euros due to one-time charges, adjusted EBITDA rose 2.8% to 3.2 billion euros, supported by strong performance in Spain and Brazil.