• Telefónica raised its 2026 free cash flow forecast to about €3.1 billion from about €3 billion.
• Adjusted EBITDA growth is now expected slightly above 2.5% at constant exchange rates; adjusted operating cash flow growth should exceed 3.5%.
• Revenue growth guidance at constant exchange rates was cut to 1%-1.5% from 1.5%-2.5%.
• A new service revenue growth target of about 1.5% was introduced; the €0.15-per-share dividend remains payable in June 2027.
• Third-quarter free cash flow reached €1.02 billion, up 220.1% year over year, supported by stronger operating performance and a Spanish tax refund.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Telefónica SA published the original content used to generate this news brief on November 12, 2026, and is solely responsible for the information contained therein.