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Disclaimer This document and any related conference call or webcast (including any related Q&A session) has been prepared by Telefónica, S.A. (“Telefónica” or the “Company”, and together with its subsidiaries the “Telefónica Group”) exclusively for its use during the presentation of financial results. The Company does not assume any liability for the content of this document if used for any purposes different from the one outlined above. This document and any related conference call or webcast (including any related Q&A session) may contain forward-looking statements. These forward-looking statements may include financial and other forecasts and estimates, as well as statements regarding plans, objectives and expectations of the Telefónica Group. 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Summary Mr. Marc Murtra Chairman & CEO
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1 Fostered efficiency gains (redundancy, AI, automation, channel management, legacy shutdown, tech and operational excellence) and strict cost control Building momentum, with strong execution and delivery against our strategic roadmap 1) Constant: assumes constant FX (average FX H1 25), constant perimeter and excludes the contribution to growth from Venezuela 2) Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write-offs and material non-recurring impacts 3) FCF for Guidance includes reported FCF from continuing operations and excludes non-recurring spectrum payments, employee commitments and VMO2 dividends 4) Dividend payable in cash in June of the following year. Revenue 1 @ constant Metric 2026 Guidance H1 26 1.5%-2.5% +0.4% Adj. EBITDA 1,2 @ constant 1.5%-2.5% +2.3% Adj. OpCFaL 1,2 @ constant Over 2% +2.7% CapEx ex spectrum /Revenue @ constant 12% 11.6% FCF 3 ~€3.0bn €944m Dividend 4 €0.15/share Jun-27 (€0.15) Leverage Declining towards 2028 target 2.68x ✓ ✓ Accelerated growth (constant y-o-y) in adj. EBITDA, adj. OpCFaL at Group, Spain and Brazil. In Germany, continued adj. EBITDA growth ex 1&1 On track On track FCF of €611m (+€278m q-o-q). Back-end loaded FCF, accelerating in H2 Continuing commercial traction leveraging network leadership. Spain, 12 consecutive Qs of net adds in main services, Brazil value access growth, Germany O2 contract churn at low level Further deleveraging to 2.68x, reducing net financial debt to €25.3bn Upgraded adjusted OpCFaL guidance to over 3% on operating leverage improvement. On track to fulfill 2026 guidance in all other metrics Strong execution drives consistent and resilient growth and adj. OpCFaL guidance upgrade ✓ On track Upgrade to Over 3%
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1 DELIVER BEST -IN-CLASS CUSTOMER EXPERIENCE 2 EXPAND B2C OFFERING 3 SCALE B2B • Extending our fibre footprint (76.6m PP, +7% y-o-y) and 5G cov. (83%, +6 p.p. y-o-y core markets) • European sovereignty: Spain AI Gigafactory consortium participation; 17 Edge nodes completed in Spain • Legacy shutdown. Spain: 3G shutdown planning started. Germany: 2G in H2 28; UK: 2G starting in summer 29 • Implementing an impact-based culture and maintaining >70 eNPS 4 EVOLVE TECHNOLOGICAL CAPABILITIES • Redundancies savings in Spain and Global Units on track • Germany: operational/strategic reorganisation announced • Ongoing benefits from copper shut-down in Brazil • Network and operational excellence, incl. energy and network asset management 5 SIMPLIFY OPERATING MODEL 6 DEVELOP TALENT • B2C revenue (+1.4% y-o-y constant) • Spain1: Movistar Plus Plan Libre Cine y Series and Movistar Fast Pass launched • Brazil2: Complimentary offer Gemini AI Plus and YouTube Premium • Germany: O2 Mobile Plus convergent bundles • UK: O2 Satellite to iPhone/Pixel, Monzo MVNO • Solid B2B (revenue +6.7% y-o-y constant) • Spain: Google Cloud sovereign cloud • Expanded partnerships: Brazil: Ecovias, Germany: EWE/Deichmann • Accesses +5% y-o-y • NPS score 34 (+1 p.p y-o-y) • Brazil and Spain: record low churn • UK: New Consumer unit launched 2 Consistent execution of Transform & Grow plan in Q2 1) “Movistar Plus Plan Libre Cine y Series” (movies and TV Series for €4.99/month, designed for fiction enthusiasts seeking flexible and affordable access to a broad catalogue of original series, international productions, movies, documentaries and more than 70 entertainment channels) and “Movistar Fast Pass” (a differentiated mobile connectivity service designed for high user density) 2) Offering up to 12 months of Gemini AI Plus and 400 GB cloud storage. Vivo’s hybrid and postpaid customers can subscribe toYouTube Premium
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Mr. Emilio Gayo COO Operating Business
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42 53 21 32 35 131 141 82 68 111 15 21 15 15 9 89 73 51 86 58 Revenue Convergent KPIsNet adds (k) Adj. EBITDA & margin Adj. OpCFaL & margin • Sound commercial results, delivering excellence - Higher net adds q-o-q (FBB and contract) - Record-low convergent churn (0.7%) - Portability ratios above the 2025 average • Accelerated revenue growth - Service Rev (+2.9% y-o-y; +1.2 p.p. q-o-q) - Larger customer base and growing ARPU - B2C ecosystem growing contribution - B2B digital services solid growth • Ramped-up in adj. EBITDA and adj. OpCFaL - Restructuring savings since Mar-26 - Tough comps, copper switch off (May-25) - Adj. EBITDAaL (+2.7% y-o-y; +0.7 p.p. q-o-q) • Enhanced network with contained CapEx - 11% CapEx/Revenue H1 (-0.1 p.p. y-o-y) - Upgrade XGS-PON, 5G, Edge nodes • Sustainable “water cycle” management Leading-Edge network fully deployed (17 nodes activated) Consortium to bid for AI Gigafactory in Spain (to present offer in H2) Contract ConvergentFBB Pay TV +2% Accesses y-o-y+3% +1% +7% Q2 25 Q3 25 Q4 25 Q1 26 Churn (%)ARPU (€) 91.1 89.3 89.7 91.5 91.1 0.8% 0.8% 0.7% 0.7% 0.7% Q2 25 Q3 25 Q4 25 Q1 26 3,186 3,233 3,423 3,233 3,279 1.9% 1.6% 1.8% 2.0% 2.9% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1,125 1,168 1,269 1,150 1,151 1.0% 1.1% 1.1% 2.0% 2.3% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 35% 36% 37% 36% 591 638 662 649 613 2.8% 3.9% 0.9% 2.3% 3.7% 0.0% 5.0% 10.0% 15.0% 20.0% 0 200 400 600 800 1,0 00 1,2 00 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 19% 20% 19% 20% 3 Q2 26 Q2 26 35% 19% Spain: Steady operational momentum accelerating financial growth Constant: assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela.Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write-offs and material non-recurring impacts. CapEx: assumes CapEx ex-spectrum.
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29 30 30 30 30 88 87 86 87 88 1.1% 1.1% 1.2% 1.0% 1.1% 1.5% 1.5% 1.4% 1.5% 1.4% 201 225 197 200 213 689 739 710 830 731 2,279 2,349 2,486 2,511 2,684 7.1% 6.5% 7.1% 7.4% 7.6% • Expanding customer lifetime value - Mobile: ARPU +5.7% y-o-y & low churn - 27m mobile accesses use 5G network - FTTH: improving ARPU & churn q-o-q • Broad portfolio on new digital businesses - Reinforcing our position with Gemini & Youtube - B2C Ecosystem: Consumer Electronics (+63.8%); Health & Wellness (+58.2%) in LTM - B2B digital services: Cloud (+20.9%) & Digital solutions (+20.2%) in LTM • Financial y-o-y acceleration in € terms - H1 26 +4.5% BRL appreciation vs. Euro • Ramped-up in revenue growth, above inflation • Adj. EBITDA & adj. OpCFaL accelerating y-o-y - Higher copper sales - Adj. EBITDAaL accelerated to +12.0% - H1 26 CapEx/Revenue 14.9% • ESG: best Co in the TMT sector by Exame for the 3rd consecutive year Revenue ContractFTTH KPIs (local currency) Mobile ARPUFTTH ARPU +11% Accesses y-o-y+6% 42% 16%45% 19% Net adds (k) 45% 20% Adj. EBITDA & margin Adj. OpCFaL & margin FTTH Churn Contract Churn 960 1,067 1,118 1,047 1,168 8.6% 8.8% 8.2% 8.7% 11.3% 372 444 508 486 483 14.3% 13.6% 19.7% 9.2% 17.9% Q2 25 Q3 25 Q4 25 Impacts from migration to Authorisation (Q2 26 +€34m; H1 26 +€48m) Q1 26Q2 25 Q3 25 Q4 25 42% 19% Q1 26 Constant: assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela.Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write-offs and material non-recurring impacts. CapEx: assumes CapEx ex-spectrum. Q2 26 Q1 26Q2 25 Q3 25 Q4 25 Q2 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 43% 18% 4 Brazil: Delivering strong operational and financial growth
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638 628 630 586 592 (6.0%) (9.6%) (14.6%) (8.4%) (7.2%) -16.0% 4.0 % 24.0% 44.0% 64.0% 84.0% -200 0 200 400 600 800 1,0 00 • Value-over-volume focus - Launch of O2 Mobile Plus bundles (June); minimum bundle price €30 - Sustained trading momentum in FBB - Enhancing partnerships in B2B & B2P • Network quality - Expanding coverage and capacity - Enhanced 5G partnerships with EWE • Underlying resilience, ex 1&1 - 1&1 migration weigh on financials - Handset sales reflect less potential in selective channels and value focus - Accelerated fixed revenue growth +6.5% (Q1: +4.1%) on improved value-mix - +1.4 p.p. adj. EBITDA margin y-o-y • ESG: Legacy 2G network switch-off in H2 28 Revenue ARPU (y-o-y) 32%31% 8%12%30% 6%31% 12% Net adds (k) 33% 11% Adj. EBITDA & margin Adj. OpCFaL & margin Accesses (y-o-y) Contract +2% FBB IoT +28% 184 157 192 48 30 (15) 3 3 15 14 177 202 213 175 134 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 +1% Net adds exclude 3rd party MNO-accesses O2 Contract FBB (0.1%) (1.1%) (1.2%) (2.8%) (3.2%) 3.5% 4.0% 4.1% 3.2% 3.5% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 2,040 1,960 2,116 1,880 1,814 (2.4%) (6.6%) (4.0%) (8.6%) (11.1%) -12.0% -7.0% -2.0% 3.0 % 8.0 % 13.0% 18.0% 23.0% 28.0% 33.0% -800 -300 200 700 1,2 00 1,7 00 2,2 00 2,7 00 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 246 165 126 221 205 (6.3%) (3.4%) (36.6%) (10.7%) (13.6%) -37.0% -17.0% 3.0 % 23.0% 43.0% 63.0% 83.0% 103 .0% -200 -100 0 100 200 300 400 500 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Business model transformation Voluntary leaver programme: 2026 ~1.1k FTEs + ~60 own shops closure Further rightsizing until 2028 to be defined 5 Germany: Focus on value-over-volume; 1&1 effects to annualise in H2 26 Constant: assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela.Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write-offs and material non-recurring impacts. CapEx: assumes CapEx ex-spectrum.
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(74) (36) (165) (60) (63)(51) (26) (17) (6) (31) 438 472 403 397 508 (10.8%) 15.1% (6.3%) (8.4%) 7.8% -40.0% -20.0% 0.0 % 20.0% 40.0% 60.0% -500 -300 -100 100 300 500 700 900 1,1 00 2,976 2,943 2,922 2,753 2,769 (5.5%) (7.5%) (8.3%) (6.5%) (7.9%) -19.0% -14.0% -9.0% -4.0% 1.0 % 6.0 % 11.0% 16.0% 21.0% 26.0% -2,500 -1,500 -500 500 1,5 00 2,5 00 3,5 00 1.4% 1.3% 1.2% (0.2%) 0.3%0.1% (0.6%) (1.2%) (1.6%) (4.6%) • New MNVO deal: Monzo expands our wholesale mobile leadership • New O2 Business brand: merging VMO2’s robust national network infrastructure with Daisy’s specialised expertise • Fixed footprint: 18.8m UBB PPs • #1 5G+ outdoor population coverage • Trading improved in fixed and mobile (y-o-y) - Consumer fixed ARPU affected by competition; stable in mobile • Revenue affected by network construction - Service rev. -3.9% (consumer fixed & B2B portfolio streamlined) - Consumer: -5.0% (targeted retention in a highly competitive market) - Business: -8.7% (streamlined portfolio) - Wholesale service: +5.4% due to MVNO • Adj. EBITDA: at the top end guidance range • Adj. OpCFaL: phasing of network investment Revenue FBBContract ARPU (local currency) Consumer Contract MobileConsumer Fixed-Line -2% Accesses y-o-y 0% 38% 15%39% 16% Net adds (k) Adj. EBITDA & margin Adj. OpCFaL & margin 1,137 1,148 1,077 1,039 1,126 (0.7%) 0.3% (4.3%) (3.4%) (2.9%) -15.0% -10.0% -5.0% 0.0 % 5.0 % 10.0% 15.0% 20.0% 25.0% -1,100 -600 -100 400 900 1,4 00 ESG: New Responsible Business Plan 14%14%38%37% 6 Q1 26 net adds excludes the impact of adjustments made to accesses which had no impact on revenue Q1 26Q2 25 Q3 25 Q4 25 Q2 26 Q1 26Q2 25 Q3 25 Q4 25 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 41% 18% VMO2: Executing the plan to drive future value Constant: assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela.Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write-offs and material non-recurring impacts. CapEx: assumes CapEx ex-spectrum.
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Mr. Juan Azcue CFO Financials / ESG
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Q2 26 Accelerated current growth rates Constant: assumes constant FX (average FX H1 25), constant perimeter and excludes the contribution to growth from Venezuela Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write-offs and material non-recurring impacts CapEx: assumes CapEx ex-spectrum 7 Steady growth of service rev. (Q2 y-o-y +0.9% constant) • Revenue reflects handset sales weakness in Germany (-26.2%) Strong operating leverage (constant y-o-y) • Adj. OpCFaL margin +0.4 p.p. both in Q2 and H1 H1 26 € in millions Current Current y-o-y Constant y-o-y Current Current y-o-y Constant y-o-y Revenue 16,392 1.7% 0.4% 8,265 3.0% 0.0% Service revenue 15,038 2.4% 1.0% 7,634 4.0% 0.9% B2C revenue 9,693 3.4% 1.4% 4,885 5.6% 1.4% B2B revenue 3,954 7.4% 6.2% 2,022 9.5% 6.7% Wholesale & Others 2,744 -10.2% -9.9% 1,358 -12.4% -12.3% Adj. EBITDA 5,768 3.8% 2.3% 2,933 6.4% 2.7% Adj. OpCFaL 2,654 4.0% 2.7% 1,279 6.7% 2.9% CapEx ex-spectrum / Revenue 11.6% 0.0 p.p. (0.1 p.p.) 12.6% 0.1.p.p. 0.1.p.p. FCF 944 (35.1%) 611 (29.9%) Net Financial Debt 25.278 (8.4%) Adj. EPS (continuing operations) 0.15 (23.8%) 0.07 (22.7%) Good B2C and B2B strength • B2B a solid driver, improving growth Financial performance: Third Q in a row of constant and current growth in key KPIs
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FCF evolution Guidance Current Q2 performance FCF on track, 2026 guidance reaffirmed • +€278m q-o-q mainly on improved WC • -€261m y-o-y primarily due to WC • FCF phasing fully aligned through H2 26; back- end loaded consistent with usual seasonality De-risked and growing FCF • Adjusted OpCFaL growth gaining traction • More predictable FCF and less volatile • Further acceleration in H2 • Financial discipline on all lines below adjusted OpCFaL 8 €583m €872m €1,456m €2.9bn €333m €611m €944m Q2 FY 20262025 Q1 H1 +€278m q-o-q ~€3.0bn Confident in FCF trajectory, improvement in Q2
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Net Financial Debt 26,824 283 890 Dec-25 FCF total1 Jun-26FX & Others Net financial divestments Shareholder Remuneration 25,278 (2,614) (105) 3.23% 2.95% Total debt interest payment cost ex. leases Jun - 25 Jun - 26 Financing activity 2026 YTD (€bn) ND/EBITDAaL adj. 2.78x ND/EBITDAaL adj. 2.68x (1) Total FCF (continuing and discontinued operations) including spectrum payments. 9 • Cash €7.3bn • RCFs €5.9bn • Bilateral credit lines: €4.2bn €17.4bn Liquidity Cushion Leverage reduction, sound liquidity and lower interest costs • Leverage reduction in Q2 to 2.68x • Further deleverage in 2026 towards 2.5x target in 2028 • Committed to investment grade credit rating • Proactive financing activity to achieve best timing and derisk access to markets • Comfortable liquidity position • Reduced interest cost related payments Highlights Hybrids 1.8 1.0 4.5 Green € Senior Bond CHF Bond Bank Financing TotalAUD Bond € Senior Bond 0.2 0.3 0.40.8 Jan-26 Feb-26 Mar-26 May-26 Jun-26 Solid liquidity position Jun-26
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Updated Climate Action Plan towards net zero (July-26) Awards for fiscal & sustainability reporting Code of Ethics & Conduct updated with new training 62% recycled content in new router (Germany); advanced smart water metering project (Spain) Free calls and Wi-Fi, communications recovery and humanitarian support to Venezuela >95% high-risk suppliers assessed Maintain the commitment to sustainable financing Ethical and responsible AI and leadership in digital trust 100% Renewable: PPAs cover 50% of electricity needs >5k critical assets with individualised climate risk assessment Q2 26 €78bn socio-economic contribution in 2025 (May-26) B2C: Enhance customers` digital well-being and expand rural coverage B2B: Delivering the best portfolio of products for sustainability Continue to lead in ratings Included in Dow Jones Best-In-Class Europe Index, CDP Supplier A List and Europe’s Best Employers 2026 (FT & Statista) New/reinforced 2030 targets Environmental Social Governance New Sustainability Plan 2026-2030 Delivering value across four dimensions: growth, efficiency, investment attraction and risk mitigation 12 workstreams with 2030 targets to accelerate Transform & Grow, integrating ESG as a driver of innovation and competitiveness Po w e r i n g t h e g r e e n t r a n s i t i o n f o r a b e t t e r f u t u r e Po w e r i n g a m o r e d i g i t a l a n d i n c l u s i v e s o c i e t y t h a t s u p p o r t s g r e a t e r w e l l b e i n g Po w e r i n g t r u s t i n a d i g i t a l w o r l d 10 Continued progress across the sustainability pillars
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Key takeaways Mr. Marc Murtra Chairman & CEO
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Continued momentum yielding results on consistent and focused execution of Transform & Grow strategy Ongoing growth in constant and current at Group level. Accelerated growth trends in adjusted EBITDA, adjusted OpCFaL and expansion of operating leverage Extended investments in leading networks, enhancing customer experience and commercial traction Strong momentum and accelerated financial performance in Spain and Brazil. Germany executing strategic transformation Improved and de-risked FCF generation, with H2 acceleration 2026 adj. OpCFaL guidance upgraded 11 Key takeaways: Another quarter of progress
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Results presentation and Q&A Session Participants from Telefónica • Marc Murtra l CEO • Emilio Gayo l COO • Juan Azcue l CFO • Borja Ochoa l CEO T. Spain • Santiago Argelich l CEO T. Germany • Lutz Schüler l CEO Virgin Media O2 • Torsten Achtmann l Global Director of Investor Relations Webcast • To access the webcast: click here • The webcast replay will be available on Telefónica IR’s website after the event Q&A Session • To participate in the Q&A session, please register using the following link to receive the dial in and PIN details: click here. Calendar Telefónica’s management will host a webcast on 29 July at 10:00 AM (CEST), 9:00 AM (BST), and 4:00 AM (EDT)
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For further information, please contact: Investor Relations Torsten Achtmann (torsten.achtmann@telefonica.com) Isabel Beltrán (i.beltran@telefonica.com) Tel. +34 91 482 87 00 ir@telefonica.com www.telefonica.com/investors FOLLOW US: Linkedin/Telefónica/Investor Relations CDP Climate A List 2025 ISS ESG Corporate Rating #1 in sector Digital Inclusion Benchmark, Social Benchmark and Ranking Digital Rights 1st company worldwide 2026 2025 Top Quartile Telco Industry Bloomberg ESG Score #3 in sector Sustainalytics ESG Top Quartile Telco Industry 2025 Sustainalytics ESG