Telefónica, S.A. (TEF): Business Model Canvas

In der dynamischen Welt der Telekommunikation ist Telefónica, S.A. ein globales Kraftpaket, das die digitale Konnektivität durch ein komplexes und innovatives Geschäftsmodell transformiert. Dieser Telekommunikationsriese hat strategische Partnerschaften, modernste technologische Fähigkeiten und ein umfassendes digitales Ökosystem, das sich über Kontinente erstreckt, meisterhaft miteinander verknüpft und nahtlose Konnektivitätslösungen für Millionen von Verbrauchern und Unternehmen in ganz Europa und Lateinamerika bereitgestellt. Durch die Nutzung seiner robusten Infrastruktur, fortschrittlichen digitalen Plattformen und seines kundenorientierten Ansatzes hat sich Telefónica als zentraler Akteur in der sich ständig weiterentwickelnden digitalen Landschaft positioniert und passt sich kontinuierlich an technologische Veränderungen und Marktanforderungen an.

Telefónica, S.A. (TEF) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Technologieanbietern

Telefónica hat wichtige Partnerschaften mit führenden Technologie-Infrastrukturanbietern aufgebaut:

Partner	Einzelheiten zur Partnerschaft	Jährlicher Vertragswert
Huawei	Bereitstellung der 5G-Netzwerkinfrastruktur	487 Millionen Euro
Ericsson	Netzwerkausrüstung und digitale Transformation	412 Millionen Euro
Nokia	Funkzugangsnetzwerktechnologien	276 Millionen Euro

Zusammenarbeit mit Cloud-Dienstanbietern

Zu den Cloud-Partnerschaften von Telefónica gehören:

• Microsoft Azure: Integration der Cloud-Infrastruktur
• Amazon Web Services (AWS): Cloud-Lösungen für Unternehmen
• Google Cloud Platform: Umsetzung einer Multi-Cloud-Strategie

Cloud-Anbieter	Partnerschaftsfokus	Jährliche Investition
Microsoft Azure	Cloud-Migration für Unternehmen	213 Millionen Euro
AWS	Hybride Cloud-Infrastruktur	189 Millionen Euro

Regionale Telekommunikations-Joint-Ventures

Telefónicas regionale Telekommunikationspartnerschaften:

Region	Partnerunternehmen	Eigentumsanteil
Brasilien	Vivo	100%
Argentinien	Movistar	98.3%
Chile	Movistar Chile	99.1%

Digitale Inhalte und Streaming-Partnerschaften

Wichtige Kooperationen im Bereich digitaler Inhalte:

• Netflix: Vereinbarung zur Verbreitung von Inhalten
• Disney+: Gebündelte Streaming-Dienste
• HBO Max: Integrierte Streaming-Plattform

Cybersicherheit und digitale Innovationspartnerschaften

Strategische Startup- und Innovationskooperationen:

Startup	Innovationsfokus	Investitionsbetrag
Cyxtera-Technologien	Cybersicherheitslösungen	37 Millionen Euro
Telefónica Innovation Ventures	Investitionen in die digitale Transformation	126 Millionen Euro

Telefónica, S.A. (TEF) – Geschäftsmodell: Hauptaktivitäten

Mobilfunk- und Festnetz-Telekommunikationsdienste

Telefónica ist in 12 Ländern tätig und bietet ab 2023 Mobilfunk- und Festnetz-Telekommunikationsdienste für 351,3 Millionen Kunden an.

Servicetyp	Gesamtzahl der Kunden	Umsatz (2023)
Mobile Dienste	273,4 Millionen	27,5 Milliarden Euro
Festnetzdienste	77,9 Millionen	12,3 Milliarden Euro

Entwicklung und Wartung digitaler Infrastruktur

Telefónica investierte im Jahr 2023 4,3 Milliarden Euro in die Netzwerkinfrastruktur.

• Gesamtabdeckung des Glasfasernetzes: 156 Millionen Räumlichkeiten
• Investitionen in die Netzwerkinfrastruktur: 11,2 % des Gesamtumsatzes

Netzwerkausbau und Implementierung der 5G-Technologie

5G-Netzwerkmetrik	Abdeckungsstatistik
5G-Bevölkerungsabdeckung in Spanien	85%
5G-Bevölkerungsabdeckung in Deutschland	62%
5G-Bevölkerungsabdeckung in Brasilien	45%

Beratung zur digitalen Transformation für Unternehmen

Telefónica Tech erzielte im Jahr 2023 einen Umsatz von 1,7 Milliarden Euro mit digitalen Transformationsdiensten.

• Umsatz mit Cybersicherheitsdiensten: 524 Millionen Euro
• Umsatz mit Cloud-Diensten: 672 Millionen Euro
• Digitale Unternehmenslösungen: 504 Millionen Euro

Bereitstellung von Internet- und Datendiensten

Internetdienstmetrik	Daten für 2023
Breitband-Internetkunden	41,2 Millionen
Durchschnittliche monatliche Datennutzung pro Kunde	284 GB
Umsatzerlöse aus Internetdienstleistungen	8,6 Milliarden Euro

Telefónica, S.A. (TEF) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Infrastruktur für Telekommunikationsnetze

Telefónica betreibt eine globale Netzwerkinfrastruktur, die 14 Länder in Europa und Lateinamerika umfasst. Die gesamte Netzabdeckung umfasst:

Region	Netzwerkabdeckung	Netzwerkinvestition (2023)
Spanien	99,7 % Bevölkerungsabdeckung	1,8 Milliarden Euro
Brasilien	95,3 % Bevölkerungsabdeckung	2,2 Milliarden Euro
Deutschland	92,5 % Bevölkerungsabdeckung	1,5 Milliarden Euro

Fortschrittliche technologische Fähigkeiten und digitale Plattformen

Zur technologischen Infrastruktur gehören:

• 5G-Netzwerk in 6 Ländern bereitgestellt
• Cloud-Computing-Infrastruktur
• KI- und maschinelle Lernplattformen
• IoT-Konnektivitätslösungen

Qualifizierte Arbeitskräfte

Zusammensetzung der Belegschaft ab 2023:

Gesamtzahl der Mitarbeiter	F&E-Experten	Durchschnittliche Schulungsstunden
116,706	3,200	40 Stunden/Mitarbeiter

Spektrumlizenzen

Frequenzbestände in Schlüsselmärkten:

• Spanien: 3,4–3,8 GHz-Spektrum
• Brasilien: 700-MHz-, 2,3-GHz- und 3,5-GHz-Bänder
• Deutschland: 700 MHz, 3,6 GHz Spektrum

Finanzkapital

Finanzielle Mittel für Investitionen und Innovation:

Gesamtvermögen	Jährliche Investitionsausgaben	F&E-Investitionen
127,5 Milliarden Euro	4,6 Milliarden Euro	1,1 Milliarden Euro

Telefónica, S.A. (TEF) – Geschäftsmodell: Wertversprechen

Umfassende digitale Konnektivitätslösungen

Telefónica bietet durchgängige digitale Konnektivitätslösungen mit den folgenden Schlüsselkennzahlen:

Servicekategorie	Globale Abdeckung	Marktdurchdringung
Mobilfunknetz	24 Länder	351,7 Millionen Kunden
Breitband-Internet	12 Primärmärkte	129,4 Millionen Breitband-/Festnetzkunden

Hochwertige mobile und Breitband-Internetdienste

Kennzahlen zur Netzwerkleistung und Servicequalität:

• 4G-Netzabdeckung: 82,3 % im gesamten Einsatzgebiet
• 5G-Netzwerkbereitstellung: Aktiv in 6 Schlüsselmärkten
• Durchschnittliche mobile Datengeschwindigkeit: 47,2 Mbit/s

Innovative digitale Produkte für Verbraucher und Unternehmen

Produktkategorie	Jährliche Investition	Benutzerbasis
Digitale Dienste	1,2 Milliarden Euro	73,6 Millionen digitale Kunden
Cloud-Lösungen	456 Millionen Euro	42.000 Geschäftskunden

Personalisierte Telekommunikationserlebnisse

Personalisierungsmetriken:

• KI-gesteuerte Kundeninteraktionen: 67 % des Kundenservice
• Maßgeschneiderte Mobilfunkpläne: 94 verschiedene Plankonfigurationen
• Digitale Kundenbindungsrate: 52,3 %

Integriertes digitales Ökosystem

Ökosystemkomponente	Vollständige Integration	Jahresumsatz
Plattform für digitale Dienste	12 integrierte Dienste	3,4 Milliarden Euro
IoT-Konnektivität	26,7 Millionen angeschlossene Geräte	678 Millionen Euro

Telefónica, S.A. (TEF) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Telefónica betreibt digitale Plattformen und bedient 347,4 Millionen Kunden in 12 Ländern. Ihre mobile MyO2-App hat im Jahr 2023 22,8 Millionen aktive Nutzer. Die digitale Self-Service-Plattform verarbeitet etwa 65 % der Kundenservice-Interaktionen.

Plattform	Aktive Benutzer	Service-Interaktionen
MyO2 Mobile App	22,8 Millionen	65 % aller Interaktionen
Web-Kundenportal	18,5 Millionen	42 % aller Interaktionen

Personalisierte Kundensupportkanäle

Telefónica bietet Kundensupport rund um die Uhr über mehrere Kanäle mit einer durchschnittlichen Reaktionszeit von 3,2 Minuten auf allen digitalen Plattformen.

• WhatsApp-Supportkanal
• Live-Chat-Unterstützung
• Kundenservice über soziale Medien
• Spezielle Telefon-Support-Hotlines

Treueprogramme und maßgeschneiderte Servicepakete

Telefónicas Treueprogramm „O2 Priority“ hat 15,6 Millionen registrierte Mitglieder und generiert durch personalisierte Angebote 8,2 % Mehrumsatz.

Treueprogramm	Mitglieder	Auswirkungen auf den Umsatz
O2-Priorität	15,6 Millionen	8,2 % Mehrumsatz

Multi-Channel-Kommunikationsstrategien

Telefónica nutzt einen Omnichannel-Ansatz mit sechs primären Kommunikationskanälen, um ein nahtloses Kundenerlebnis auf digitalen und traditionellen Plattformen zu gewährleisten.

• Mobile Anwendung
• Webportal
• Physische Geschäfte
• Telefonischer Support
• E-Mail-Kommunikation
• Social-Media-Plattformen

Regelmäßige Kundenbindung durch digitale Touchpoints

Digitale Engagement-Kennzahlen zeigen, dass 73 % der Kundeninteraktionen über Online-Plattformen stattfinden, mit einer durchschnittlichen monatlichen Engagement-Rate von 52 % über alle digitalen Kanäle.

Digitale Engagement-Metrik	Prozentsatz
Prozentsatz der Online-Interaktion	73%
Monatliches Engagement auf digitalen Kanälen	52%

Telefónica, S.A. (TEF) – Geschäftsmodell: Kanäle

Online-Webportale

Telefónica betreibt mehrere Online-Plattformen:

• Movistar.es – Primäres Verbraucher-Webportal mit 42,3 Millionen einzelnen monatlichen Besuchern
• O2.com – UK-spezifische digitale Plattform mit 18,6 Millionen registrierten Benutzern
• Vivo.com.br – Brasilianisches digitales Serviceportal mit 31,7 Millionen monatlichen Webinteraktionen

Webplattform	Monatliche Besucher	Primäre Funktion
Movistar.es	42,3 Millionen	Verwaltung von Verbraucherdienstleistungen
O2.com	18,6 Millionen	Mobilfunk- und Breitbanddienste
Vivo.com.br	31,7 Millionen	Registrierung digitaler Dienste

Mobile Anwendungen

Telefónica unterhält mehrere mobile Anwendungskanäle:

• Meine Movistar-App – 22,4 Millionen aktive monatliche Benutzer
• O2 Priority App – 7,5 Millionen Downloads
• Vivo App – 15,9 Millionen aktive Benutzer

Physische Einzelhandelsgeschäfte

Telefónicas Einzelhandelspräsenz:

• Spanien: 1.287 Movistar-Einzelhandelsgeschäfte
• Vereinigtes Königreich: 452 O2-Einzelhandelsstandorte
• Brasilien: 896 Vivo-Markengeschäfte

Autorisierte Reseller-Netzwerke

Land	Anzahl autorisierter Wiederverkäufer	Jährliches Verkaufsvolumen
Spanien	3,456	782 Millionen Euro
Brasilien	2,789	1,2 Milliarden Euro
Vereinigtes Königreich	1,345	567 Millionen Euro

Direktvertriebsteams für Unternehmenslösungen

Zusammensetzung des Unternehmensverkaufsteams:

• Globale Vertriebsmitarbeiter für Unternehmen: 1.876
• Durchschnittlicher jährlicher Auftragswert: 4,3 Millionen Euro
• Gesamtumsatz des Unternehmenssegments: 6,7 Milliarden Euro im Jahr 2023

Telefónica, S.A. (TEF) – Geschäftsmodell: Kundensegmente

Privatkunden

Ab 2023 bedient Telefónica 124,1 Millionen mobile Zugriffe weltweit, mit bedeutender Präsenz in Schlüsselmärkten.

Markt	Mobile Zugänge	Breitbandverbindungen
Spanien	20,8 Millionen	6,4 Millionen
Brasilien	37,3 Millionen	9,2 Millionen
Deutschland	16,5 Millionen	2,3 Millionen

Kleine und mittlere Unternehmen

Telefónica bedient rund 1,5 Millionen KMU in allen seinen operativen Märkten.

• Digitales Dienstleistungsportfolio für KMU
• Cloud-Computing-Lösungen
• Cybersicherheitsdienste
• Konnektivitätspakete

Große Firmenkunden

Unternehmensbereich generiert 4,3 Milliarden Euro Jahresumsatz mit über 50.000 Unternehmenskunden.

Servicekategorie	Umsatzbeitrag
Netzwerkdienste	1,9 Milliarden Euro
Cloud-Lösungen	1,2 Milliarden Euro
Cybersicherheit	0,7 Milliarden Euro

Regierung und Organisationen des öffentlichen Sektors

Telefónica bedient über 2.000 öffentliche Einrichtungen in mehreren Ländern.

• Beratung zur digitalen Transformation
• Sichere Kommunikationsnetze
• E-Government-Lösungen

Internationale Märkte

Telefónica ist tätig in 12 Länder in ganz Europa und Lateinamerika.

Region	Länder	Gesamter Kundenstamm
Europa	Spanien, Deutschland, Großbritannien	52,6 Millionen
Lateinamerika	Brasilien, Argentinien, Chile, Peru	71,5 Millionen

Telefónica, S.A. (TEF) – Geschäftsmodell: Kostenstruktur

Wartung der Netzwerkinfrastruktur

Im Jahr 2023 gab Telefónica 4,5 Milliarden Euro für die Wartung und Modernisierung der Netzwerkinfrastruktur in seinen weltweiten Niederlassungen aus.

Netzwerkkostenkategorie	Jährliche Ausgaben (€)
Feste Netzwerkinfrastruktur	2,1 Milliarden
Mobilfunknetz-Infrastruktur	1,8 Milliarden
Ausbau des Glasfasernetzes	600 Millionen

Technologieforschung und -entwicklung

Telefónica investierte im Jahr 2023 1,2 Milliarden Euro in Forschung und Entwicklung und konzentrierte sich dabei auf die digitale Transformation und innovative Technologien.

• KI- und maschinelle Lernforschung: 350 Millionen Euro
• 5G- und 6G-Technologieentwicklung: 450 Millionen Euro
• Cybersicherheitsinnovation: 200 Millionen Euro

Gehälter und Schulungen der Mitarbeiter

Der gesamte Personalaufwand für Telefónica belief sich im Jahr 2023 auf rund 7,3 Milliarden Euro.

Kategorie „Mitarbeiterausgaben“.	Jährliche Kosten (€)
Grundgehälter	6,2 Milliarden
Professionelle Schulungsprogramme	180 Millionen
Leistungen an Arbeitnehmer	920 Millionen

Aufwendungen für Marketing und Kundenakquise

Telefónica stellte im Jahr 2023 1,5 Milliarden Euro für Marketing- und Kundengewinnungsstrategien bereit.

• Digitale Marketingkampagnen: 600 Millionen Euro
• Traditionelle Werbung: 450 Millionen Euro
• Kundenbindungsprogramme: 450 Millionen Euro

Kosten für Frequenzlizenzierung und Einhaltung gesetzlicher Vorschriften

Die regulatorischen und spektrumbezogenen Aufwendungen beliefen sich im Jahr 2023 auf insgesamt 850 Millionen Euro.

Kategorie der regulatorischen Kosten	Jährliche Ausgaben (€)
Spektrum-Lizenzgebühren	550 Millionen
Compliance und Rechtskosten	300 Millionen

Telefónica, S.A. (TEF) – Geschäftsmodell: Einnahmequellen

Abonnements für mobile Dienste

Im Jahr 2022 meldete Telefónica einen Mobilfunkumsatz von 26,2 Milliarden Euro. Das Unternehmen verfügte in seinen weltweiten Aktivitäten über 351,7 Millionen mobile Zugriffe.

Region	Mobile Zugänge	Umsatz (Milliarden €)
Spanien	24,5 Millionen	6.8
Brasilien	94,3 Millionen	8.2
Deutschland	43,2 Millionen	4.5

Festnetz-Telekommunikationsdienste

Die Festnetz-Telekommunikation erwirtschaftete für Telefónica im Jahr 2022 einen Umsatz von 10,3 Milliarden Euro.

• Festnetz-Breitbandanschlüsse: 128,5 Millionen
• Feste Sprachzugriffe: 99,2 Millionen
• Einzelhandelsabdeckung mit Glasfaser: 270 Millionen Räumlichkeiten

Digitale Lösungen für Unternehmen

Der Umsatz mit digitalen Unternehmenslösungen erreichte im Jahr 2022 6,7 Milliarden Euro.

Servicekategorie	Umsatz (Mio. €)
Cloud-Dienste	1,850
Cybersicherheit	1,200
IoT-Lösungen	750

Daten- und Konnektivitätspakete

Der Daten- und Konnektivitätsumsatz belief sich im Jahr 2022 auf 15,4 Milliarden Euro.

• Mobiler Datenverkehr: 36,8 Millionen TB
• Durchschnittlicher mobiler Datenverbrauch pro Benutzer: 4,5 GB/Monat

Digitale Mehrwertdienste und Inhalte

Mehrwertdienste generierten für Telefónica im Jahr 2022 einen Umsatz von 3,2 Milliarden Euro.

Digitaler Service	Umsatz (Mio. €)
Video-Streaming	890
Digitale Unterhaltung	670
Finanztechnologiedienstleistungen	520

Telefónica, S.A. (TEF) - Canvas Business Model: Value Propositions

You're looking at the core value Telefónica, S.A. delivers to its customers, which is increasingly about bundling connectivity with digital services, especially in the core markets. This focus is clearly reflected in their 2025 performance metrics.

Convergent offering: fixed, mobile, TV, and digital services bundles.

Telefónica, S.A. continues to push its convergent offer as a key differentiator, which helps keep customers sticky. The strategy is about driving a higher average revenue per user (ARPU) while keeping churn low. For instance, in the first quarter of 2025, the convergent base grew by 0.5% year-over-year, adding 5k customers in that period alone. This is supported by strong pricing power, as the contract ARPU (Average Revenue Per User) saw a +1.9% year-over-year increase in Q1 2025. The success of this bundling is evident in the low churn rate, which remained stable year-over-year at 1.1% in Q1 2025, confirming that the value proposition is resonating well above the market average for those bundled customers.

Looking ahead, the ambition is clear:

• Target convergence over the fixed broadband base to reach 74% by 2028.
• Elevate B2B revenues to constitute 26% of group revenues by 2028.

State-of-the-art, reliable, and safe telecommunications services.

Reliability centers on next-generation network expansion, particularly fiber-to-the-home (FTTH) and 5G deployment. You see this investment translating into customer satisfaction metrics. In Q1 2025, the total customer base stood at 354 million accesses, with FTTH accesses showing strong growth at +13% year-over-year, making up 96% of all Fixed Broadband (FBB) accesses. By Q2 2025, the total access count was 348.6 million, virtually stable year-over-year. To measure the service quality, the Net Promoter Score (NPS) hit a new high of 35 in Q1 2025. The company has a forward-looking goal to increase NPS by an average of six points by 2028, with a specific target for Spain to reach an MPS of 61, comparable to leading tech companies.

Here's a snapshot of the network footprint as of mid-2025:

Metric	Latest Reported Figure (2025)	Context/Period
Fiber Premises Passed (Total)	81.4 million	Q2 2025
Fiber Premises Passed Growth	Up 1.5 million	Q2 2025 (Quarter-over-Quarter)
Net Promoter Score (NPS)	35	Q1 2025

Digital transformation solutions via Telefónica Tech for corporates.

Telefónica Tech is a major value driver, focusing on Cybersecurity, Cloud, and Big Data & IoT for the enterprise segment. This unit is definitely on a growth tear. In the second quarter of 2025, Telefónica Tech reported revenues of €566 million, marking a strong year-on-year growth of 12.5%. For the first half of 2025, the unit achieved revenues of €1,074 million, which is a 9.6% increase over the same period in 2024. This growth is supported by key sectors, where public services, financial services, and healthcare together accounted for nearly 40% of total sales in H1 2025. The company is aiming high, having surpassed €2 billion in revenue in FY24, with a stated target to reach €3 billion in total revenue by FY26.

Concrete examples of digital value include:

• IoT solutions using AI on the Smart Steps platform achieved energy savings of up to 30% in remote lighting management.
• B2B revenue in Q1 2025 grew 5.4% year-over-year, reaching €2,043 million.

Network leadership with 5G coverage at 78% in core markets.

Network leadership is quantified by the rollout of 5G technology in the core markets (Spain, Germany, UK, Brazil). As of the third quarter of 2025, 5G coverage reached 78% across these core markets. This represents an increase from 75% coverage reported in Q1 2025. To give you a specific example of market leadership, Telefónica's coverage in Spain reached 94% of the population as of late October 2025. Germany, operating as O2, was targeting full nationwide 5G coverage by the end of 2025.

Personalized service and proactive issue resolution.

The focus on personalized service is embedded in the strategy to improve customer experience across all channels, both physical and digital. This involves automating processes and developing hyperpersonalization capabilities. The commitment to operational excellence, which includes proactive issue resolution, is tied to the financial goal of achieving a CapEx to Sales ratio below 12.5% for 2025. The strategy aims to simplify the operating model to deliver these improvements efficiently. Finance: draft 13-week cash view by Friday.

Telefónica, S.A. (TEF) - Canvas Business Model: Customer Relationships

Telefónica, S.A. (TEF) structures its customer relationships to build trust and drive loyalty, a core component of its 'Transform & Grow' strategic plan unveiled in November 2025, which has 'Deliver the best in-class customer experience' as one of its six pillars.

For large Corporate/B2B clients, the relationship model shifts toward being a strategic partner, moving beyond simple sales to accompany clients on their digital transformation journey. This involves offering high added-value technological solutions like cybersecurity, cloud, and IoT, requiring salespeople who are highly trained in both technical knowledge and soft skills such as active listening and empathy. Telefónica Tech, which serves businesses, had over 7,000 professionals with more than 6,500 certifications as of the first half of 2025.

The company supports its customer base, which stood at 354 million accesses in Q1 2025, through a comprehensive multi-channel approach. This includes physical stores, the Internet, and mobile applications, all designed to ensure access and convenience. The strategy involves enhancing customer care across all channels, with significant investment in Artificial Intelligence to strengthen the digital experience.

Proactive communication and transparent service updates are embedded in the Customer Relationship Principles, updated in March 2025, which mandate maintaining clear, honest, and direct communication. This is implemented through 'Proactive solutions,' where Telefónica, S.A. (TEF) identifies potential issues before they impact customers, and by acting pre-emptively to ensure guaranteed quality.

The focus on improving customer experience is directly tied to loyalty metrics. The Net Promoter Score (NPS) for customers reached a record figure of 35 points in the first quarter of 2025. This follows a period in H1 2024 where the NPS was 2 percentage points higher than in the first quarter of that year. For internal alignment, the employee Net Promoter Score (eNPS) reached 75 points in 2024, exceeding the internal goal of 70.

Key relationship metrics and investment areas are summarized below:

Metric/Focus Area	Data Point	Period/Context
Customer Base (Total Accesses)	354 million	Q1 2025
Customer NPS	35 points	Q1 2025
Employee Upskilling/Reskilling Coverage	78%	2024
B2B Segment Revenue Growth	+5.4%	Q1 2025 Organic Growth
Investment in AI for CX Enhancement	Significant	Part of Transform & Grow Plan

The company strives for simplicity and agility in all interactions, aiming to eliminate barriers and offer intuitive solutions. This commitment to excellence in customer experience is considered hard to replicate and a key differentiator from competitors.

The multi-channel support structure is supported by the availability of various channels, including physical stores, the Internet, and mobile applications. For example, in Germany, Telefónica, S.A. (TEF) reconnected its digital sales flow through orchestration, leading to roughly one in five customers who abandoned a shopping cart completing their order within thirty days.

The overall strategic financial outlook for the core markets includes a targeted revenue Compound Annual Growth Rate (CAGR) of 1.5-2.5% between 2025 and 2028.

Telefónica, S.A. (TEF) - Canvas Business Model: Channels

You're looking at how Telefónica, S.A. gets its services-from connectivity to cloud-into the hands of its customers across Spain, Germany, the UK, and Brazil as of late 2025. The channel strategy is clearly segmented by brand and customer type, blending physical presence with digital reach.

The digital storefronts-Movistar.es, O2.com, and Vivo.com.br-are critical for the high-volume Residential (B2C) segment. While I don't have the specific unique visitor counts for late 2025, we can see the result of these channels in the revenue mix. For the second quarter of 2025, the B2C segment generated €5,323 million, which accounted for 61% of the Group's total revenue for that quarter. This segment saw organic revenue growth of 2.1% in Q2 2025.

For the Corporate and Public Administration segments, which fall under B2B and Telefónica Tech, the direct sales force and specialized digital integration teams are the primary interface. The B2B segment was a significant driver, bringing in €2,021 million in Q2 2025, representing 22% of the total revenue. Telefónica Tech, which focuses on digital solutions, reported revenues of €566 million in Q2 2025, marking a 12.5% year-on-year growth. Honestly, that double-digit growth in the Tech arm suggests the direct/specialized sales force is hitting its mark with enterprise clients.

Here's a quick look at how the main customer revenue streams broke down in Q2 2025, showing the relative weight of the channels serving those segments:

Customer Segment	Q2 2025 Revenue (Millions EUR)	% of Total Revenue	Organic Growth (Q2 2025)
B2C (Residential)	5,323	61%	+2.1%
B2B (Corporate/Public Admin)	2,021	22%	+5.2%
Wholesale	1,609	N/A	+1.6% (Service Revenue H1)

When you look at the physical footprint, the data is most concrete for the UK joint venture, Virgin Media O2. This entity maintains more than 430 retail stores to serve its customer base of 47 million UK connections. For the core European markets, the underlying network reach is what enables the channel effectiveness. For instance, as of the first half of 2025, 5G coverage stood at 94% in Spain and 98% in Germany. These high coverage figures definitely help the direct and third-party channels sell premium mobile services.

The overall reach, which underpins all channels, is substantial. Telefónica ended the first quarter of 2025 with 354 million accesses across its footprint. Furthermore, the fiber-to-the-home (FTTH) network reached 80 million premises by the end of Q1 2025, representing a 13% year-on-year increase. This fiber deployment is a key channel asset, especially for selling converged packages.

Regarding third-party distributors and telemarketing, while specific revenue attribution isn't broken out separately from the B2C/B2B buckets, the sheer scale of the 354 million accesses implies a heavy reliance on indirect channels, especially for prepaid and lower-tier mobile contracts in Latin America. The O2 brand in Europe, for example, emphasizes simplicity and fair pricing, which often aligns well with high-volume indirect sales models.

Finance: review the Q3 2025 channel efficiency metrics against the H1 11.1% CapEx/Sales ratio by end of the week.

Telefónica, S.A. (TEF) - Canvas Business Model: Customer Segments

You're looking at the customer base for Telefónica, S.A. (TEF) as of late 2025. The structure clearly divides the market into four main areas, each with distinct needs and revenue contributions.

Residential customers (individuals and households) in core markets

This segment, often branded as Movistar in Spain and Latin America or O2 in Germany and the UK, remains the largest by volume of connections, though revenue contribution is balanced by B2B growth.

As of September 2025, Telefónica, S.A. (TEF) had a total of 350.2 million connections, a slight decrease of 0.1 percent year-on-year. Contract customers across the group stood at 115.711 million as of the same date, reflecting a 3.2 percent decline. In the second quarter of 2025, B2C revenues reached €5,323 million, representing 61 percent of total Q2 revenue. For O2 Telefónica in Germany, the first quarter of 2025 saw the addition of 164,000 new mobile contract customers.

Key performance indicators for residential services in core markets during the first half of 2025 included:

• Spain organic sales increase in Q2 2025: 1.9 percent.
• Brazil organic sales increase in Q2 2025: 7.1 percent.
• Germany contract mobile net adds in Q2 2025: 12.1 percent.
• Pay TV subscribers as of September 2025: 8.715 million.

Corporate clients: SMEs, large companies, and multinationals (B2B)

The B2B segment, often channeled through Telefónica Empresas / Telefónica Tech, shows strong organic growth, particularly in digital services.

In the third quarter of 2025, B2B revenue was €2.020 billion, marking a 4.2 percent growth year-on-year. For the first half of 2025, B2B revenue grew organically by 5.2 percent. Telefónica Tech, the digital solutions integrator arm, reported revenues of €508 million in the first quarter of 2025, a 6.6 percent year-on-year growth. For the full first half of 2025, Telefónica Tech revenues reached €1,074 million, up 9.6 percent compared to 2024.

The focus within B2B is heavily on NextGen solutions, with key sectors driving this growth:

• IT already accounts for 46 percent of total B2B revenue.
• Public services, financial services, and healthcare together account for nearly 40 percent of Telefónica Tech's total sales in H1 2025.
• Growth in M2M connections for O2 Telefónica in Q1 2025 was 150,000 connections, a 132.4 percent increase.

Public Administrations and government entities

Public Administrations are grouped within the broader corporate segment, with specific traction noted in digital service integration.

The strong commercial momentum in the B2B segment, which includes public services, is a key driver for Telefónica Tech. The company provides digital services including cloud services, cybersecurity, IoT, AI, and professional integration services to this segment.

Wholesale partners and other telecommunication companies

This segment provides connectivity and network services to other operators.

Wholesale revenue in the third quarter of 2025 was €1.616 billion, showing an 8.0 percent rise compared to the previous year. In the second quarter of 2025, Wholesale & Partners revenue was €1,609 million, representing 17 percent of total revenue for that quarter. As of September 2025, wholesale customers totaled 28.826 million, a decrease of 5.2 percent.

Here is a summary of the latest quarterly revenue breakdown by segment:

Segment	Q3 2025 Revenue (EUR)	YoY Growth
B2C	5.321 billion	Declined 1.6 percent
B2B	2.020 billion	Grew 4.2 percent
Wholesale	1.616 billion	Rose 8.0 percent

The total reported revenue for Telefónica, S.A. (TEF) in Q3 2025 was €8.958 billion. The company confirmed its 2025 financial guidance, including a cash dividend of €0.30 per share, with the first tranche of €0.15 payable in December 2025.

Telefónica, S.A. (TEF) - Canvas Business Model: Cost Structure

You're mapping out the cost base for Telefónica, S.A. (TEF) as of late 2025, which is heavily influenced by its massive, owned network infrastructure and ongoing transformation efforts. The company has been disciplined with its spending, setting a clear benchmark for capital efficiency.

Telefónica, S.A. set a CapEx/Sales target to be less than 12.5% for the 2025 fiscal year. The company demonstrated progress toward this goal, reporting that Capital Expenditure (CapEx) for the first six months of 2025 reached €2,003 million, resulting in a CapEx to Sales ratio of 11.1% within that period. This investment focus is clearly on next-generation networks.

Here are some key financial metrics reflecting the cost environment as of mid-to-late 2025:

Metric	Period Ending	Amount
CapEx (H1 2025)	June 2025	€2,003 million
CapEx/Sales Ratio (H1 2025)	June 2025	11.1%
Operating Expenses (TTM)	September 30, 2025	$38.733B
Operating Expenses (Quarterly)	June 2025	EUR7.29B
Operating Expenses (Quarterly)	September 2025	EUR8.14B

The commitment to network deployment, specifically fiber and 5G, is a major driver of CapEx. The company is still investing heavily to maintain its network leadership position.

• Fiber network reached 82.6 million premises as of Q3 2025.
• 5G coverage in main markets stood at 78% as of Q3 2025.
• In Q1 2025, total Fiber-to-the-Home (FTTH) premises reached 80.0 million.

Personnel costs and restructuring are tied to the ongoing simplification strategy. A significant, non-recurring charge impacted the first half results, reflecting the cost of shedding non-core assets. The consolidated net loss for the first half of 2025 was €-1.29 billion, which included a €1.91 billion charge related to the sale of discontinued operations like Telefónica Argentina and Telefónica del Perú. Operational efficiencies are being sought through process simplification, which includes savings from lower maintenance costs and staff resigning enabled by technological upgrade.

Network operating costs are managed through efficiency drives, particularly around energy and maintenance. The company is realizing efficiencies derived from lower energy consumption and lower technical failures. While specific spectrum license fees for 2025 aren't itemized separately in the top-line operating expenses, the overall trend in operating expenses shows a year-over-year decline for the twelve months ending September 30, 2025, at 6.3%.

The structure of Telefónica, S.A. means it carries high fixed costs due to owned infrastructure, which is why the CapEx/Sales ratio is a key focus area for management to control capital intensity post-major build-out phases. The copper switch-off completion in Spain in 2025 is a step toward reducing some legacy operational costs, but dismantling remaining copper facilities continues. Finance: draft 13-week cash view by Friday.

Telefónica, S.A. (TEF) - Canvas Business Model: Revenue Streams

Telefónica, S.A. (TEF) reported total revenue of €18.013 billion from continuing operations for the first half of 2025. This figure reflects a reported decrease of 3.3% year-on-year, impacted by foreign exchange movements, but showed an organic increase of 1.5% for the first half of the year.

The core connectivity services, spanning both consumer (B2C) and business (B2B) segments, are the primary revenue drivers. For the first half of 2025, B2C revenue grew organically by 2.0% year-on-year, while B2B revenue demonstrated stronger momentum, growing organically by 5.1% year-on-year. You can see the most granular revenue split available from the second quarter of 2025 below, which illustrates the relative size of these streams.

Revenue Stream Component	Q2 2025 Revenue (Millions of Euros)	H1 2025 Organic Growth (Year-on-Year)
B2C Revenue	€5,323 million	2.0%
B2B Revenue	€2,021 million	5.1%
Wholesale & Partners and Others Revenue	€1,609 million	(Declined 4.7% in Q2 and H1)

Wholesale revenue from network access and roaming agreements, grouped with Partners and Others, showed a sequential improvement but still declined year-on-year. This segment accounted for 17% of total revenue in the second quarter, posting €1,609 million in the period, reflecting anticipated headwinds from the transformation of the partner business in Germany. Honestly, this segment is expected to be less predictable given the wholesale agreement renewals.

Digital services revenue, primarily channeled through Telefónica Tech, is a key growth area within the B2B segment. IT sales, which are a major component of Telefónica Tech, delivered double-digit growth and already accounted for 46% of the total B2B revenue in the first half. Also, revenue from the sale of hardware devices, such as handsets and equipment, contributed positively, with handset sales growing organically by 0.4% across the first half of 2025, though this is a smaller component compared to service revenues.

• B2C revenue represented approximately 61% of total reported revenue in Q2 2025.
• B2B revenue represented approximately 22% of total reported revenue in Q2 2025.
• The IT component within B2B is now 46% of total B2B revenue.
• Handset sales growth for H1 2025 was +0.4%.

Finance: draft 13-week cash view by Friday.