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Summary of Telefonica SA Full Year 2020 Earnings Conference Call Company Overview - **Company**: Telefonica SA (NYSE:TEF) - **Date of Call**: February 25, 2021 - **Focus**: Discussion of financial results for the year 2020 Key Points Industry and Market Position - Telefonica operates in four core markets: Spain, Germany, UK, and Brazil, with significant improvements in fiber infrastructure, reaching over 25 million premises passed in Spain and 15 million in Brazil [5][6] - The company is progressing with the O2 and Virgin Media merger in the UK and has won a joint bid for Oi mobile in Brazil, enhancing market position [6] Financial Performance - **Revenue**: Reported revenue declined by 11% year-on-year, primarily due to unfavorable foreign exchange impacts [10] - **OIBDA**: Declined by 12.7% year-on-year on a reported basis, or 5.7% organically [11] - **Earnings Per Share**: Increased to €0.24, a growth of 54.3% year-on-year [9] - **Free Cash Flow**: Improved significantly, reaching €4.8 billion for the year, with a free cash flow per share of €0.88 [36] Operational Highlights - **Digitalization**: 79% of processes are digitalized, with digital sales growing by 12% year-on-year, now accounting for 31% of total sales [8][9] - **Cost Efficiency**: Organic OpEx decreased by 2.2% year-on-year in Q4 2020, contributing to improved margins [9] - **Debt Reduction**: Net financial debt reduced by €2.5 billion to €35.2 billion, with expectations of further reduction by €9 billion from announced transactions [10][36] Strategic Initiatives - **Fiber Expansion**: The company is focusing on fiber-to-the-home networks, with a target of reaching over 5.5 million premises passed in Brazil through a new neutral wholesale network [30][25] - **ESG Commitment**: Telefonica aims for net zero emissions by 2025 in its main markets, with significant reductions in energy consumption and increased use of renewable energy [16][22] Market Trends and Future Outlook - **Spain**: The company is implementing a "More for More" strategy to stabilize pricing competition, leading to improved churn rates and ARPU [18][61] - **Germany**: Strong performance with O2 Free portfolio and low churn rates, supported by network quality improvements [20][21] - **UK**: Despite COVID-19 impacts, the company maintained a strong customer base and improved OIBDA margins [22][23] - **Brazil**: Continued leadership in mobile with a market share of 33.6%, and significant fiber expansion efforts [24][25] Guidance and Expectations - **2021 Outlook**: Anticipated recovery and normalization in revenue trends, with a dividend of €0.3 per share announced for 2021 [39][69] - **Strategic Focus**: Continued emphasis on cash flow generation, operational efficiency, and strategic investments in growth areas [56][69] Additional Insights - **ESG Performance**: The company has made significant contributions to GDP and job creation, with a strong reputation during the pandemic [16][17] - **Market Adaptation**: Telefonica is adapting to competitive pressures by reducing promotional activities and focusing on high-value subscribers [58][60] This summary encapsulates the key points discussed during the Telefonica SA earnings conference call, highlighting the company's financial performance, strategic initiatives, and market outlook for 2021.

Table of Contents As filed with the Securities and Exchange Commission on February 25, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 20-F (Mark One) OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

Telefonica SA (NYSE:TEF) Q3 2020 Earnings Conference Call October 29, 2020 6:30 AM ET Company Participants Pablo Eguiron - Head, IR Ãngel Vilá - COO & Executive Director Laura Abasolo - Chief Financial & Control Officer Conference Call Participants Georgios Ierodiaconou - Citigroup Jakob Bluestone - Crédit Suisse Joshua Mills - Exane BNP Paribas Keval Khiroya - Deutsche Bank Mathieu Robilliard - Barclays Bank Akhil Dattani - JPMorgan Chase & Co. Mandeep Singh - Redburn Giovanni Montalti - UBS Investment Ban ...

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Summary of Telefónica, S.A. Half Year 2020 Earnings Conference Call Company Overview - **Company**: Telefónica, S.A. (NYSE:TEF) - **Date of Call**: July 30, 2020 - **Participants**: - José María Álvarez-Pallete (Executive Chairman and CEO) - Ángel Vilá (COO) - Laura Abasolo (Chief Financial and Control Officer) - Pablo Eguirón (Head of Investor Relations) [2][6][7] Key Industry Insights - **Industry**: Telecommunications - **Context**: The call addressed the impact of the COVID-19 pandemic on the telecommunications sector, emphasizing the resilience and adaptability of Telefónica's operations during unprecedented economic uncertainty [8][9][10]. Core Financial Highlights - **Revenue**: - Total revenues for Q2 2020 were €10.3 billion, a decline of 14.8% year-on-year on a reported basis and 5.6% in organic terms [17]. - In core markets, revenues declined by 3.8% year-on-year [17]. - **OIBDA**: - OIBDA reached €3.3 billion, down 25.3% year-on-year or 10% organically [18]. - OIBDA minus CapEx was nearly flat, declining by only 0.7% in organic terms [18]. - **Net Income**: - Net income for Q2 was €425 million, with earnings per share at €0.23 for the first half of the year [18]. - **Free Cash Flow**: - Free cash flow improved sequentially in Q2, nearing €1 billion [18]. Operational Performance - **Customer Retention**: - Record Net Promoter Score (NPS) levels were achieved, indicating strong customer loyalty [8][12]. - **Cost Management**: - Operating expenses (OpEx) declined by 4.9% year-on-year in organic terms, while CapEx saw a 22.3% annual organic decline [12]. - **Digital Transformation**: - Digital sales increased by 53% year-on-year, with a significant shift towards online channels [49]. Strategic Initiatives - **Sustainability**: - Telefónica updated its target for net emissions to 0 by 2030, advancing from 2050 [13]. - **Asset Monetization**: - A €1.5 billion tower transaction in Germany was completed, doubling Telxius' scale to 33,000 towers [10]. - **Expansion in Tech Services**: - The tech services segment grew significantly, with cloud and cybersecurity revenues increasing by 27% and 20% year-on-year, respectively [33]. Market Outlook - **Guidance for 2020**: - The company reiterated a target of slightly negative to flat OIBDA minus CapEx growth year-on-year, with expectations of recovery based on observed trends in June and July [16]. - **Dividend**: - The 2020 dividend was confirmed at €0.40, payable in two tranches [15]. Challenges and Risks - **COVID-19 Impact**: - The pandemic resulted in an estimated revenue impact of nearly €730 million in Q2, with significant effects on roaming and service revenues [19][20]. - **Currency Depreciation**: - The depreciation of Latin American currencies against the euro negatively impacted revenues and OIBDA, with a €448 million impact on OIBDA [35]. Additional Insights - **M&A Prospects**: - Discussions around potential consolidation in the Spanish market were noted, with a focus on the ongoing transaction involving MásMóvil [66]. - **Future Investments**: - Continued investment in fiber-to-the-home networks and partnerships to enhance service offerings were emphasized [41][43]. This summary encapsulates the key points from Telefónica's earnings call, highlighting the company's financial performance, strategic initiatives, and market outlook amidst the challenges posed by the COVID-19 pandemic.

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Telefónica, S.A. (NYSE:TEF) Q1 2020 Earnings Conference Call May 7, 2020 4:00 AM ET Company Participants Pablo Eguiron - Head, IR José MarÃa Ãlvarez - Executive Chairman & CEO Ãngel Vilá - COO & Executive Director Laura Abasolo - Chief Financial & Control Officer Conference Call Participants Jakob Bluestone - Crédit Suisse Michael Bishop - Goldman Sachs Group David Wright - Bank of America Merrill Lynch Joshua Mills - Exane BNP Paribas Mathieu Robilliard - Barclays Bank Georgios Ierodiaconou - Citigroup Cha ...

| --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | Results | | | | | | | January - March | | | | | | | 2020 | | | | | | Disclaimer This document and any related conference call or webcast (including any related Q&A session) may contain forward-looking statements and information (hereinafter, the "Statements") relating to the Telefónica Group (hereinafter, the "Company" or "Telefónica") or otherwise. These Statements may include ...

Table of Contents As filed with the Securities and Exchange Commission on February 20, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...