Telefónica, S.A. (TEF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las telecomunicaciones, Telefónica, S.A.S se destaca como una potencia global, transformando la conectividad digital a través de un modelo de negocio intrincado e innovador. Este gigante de las telecomunicaciones se ha unido magistralmente asociaciones estratégicas, capacidades tecnológicas de vanguardia y un ecosistema digital integral que abarca continentes, ofreciendo soluciones de conectividad perfecta a millones de consumidores y empresas en Europa y América Latina. Al aprovechar su robusta infraestructura, plataformas digitales avanzadas y un enfoque centrado en el cliente, Telefónica se ha posicionado como un jugador fundamental en el panorama digital en constante evolución, adaptándose continuamente a los cambios tecnológicos y las demandas del mercado.

Telefónica, S.A. (TEF) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con proveedores de tecnología

Telefónica ha establecido asociaciones críticas con proveedores líderes de infraestructura de tecnología:

Pareja	Detalles de la asociación	Valor anual del contrato
Huawei	Implementación de infraestructura de red 5G	487 millones de euros
Ericsson	Equipos de red y transformación digital	412 millones de euros
Nokia	Tecnologías de red de acceso a radio	276 millones de euros

Colaboraciones de proveedores de servicios en la nube

Las asociaciones en la nube de Telefónica incluyen:

• Microsoft Azure: Integración de infraestructura en la nube
• Amazon Web Services (AWS): Enterprise Cloud Solutions
• Plataforma en la nube de Google: implementación de la estrategia múltiple

Proveedor de nubes	Enfoque de asociación	Inversión anual
Microsoft Azure	Migración de la nube empresarial	213 millones de euros
AWS	Infraestructura de nubes híbridas	189 millones de euros

Empresas conjuntas de telecomunicaciones regionales

Asociaciones regionales de telecomunicaciones de Telefónica:

Región	Empresa asociada	Estaca de propiedad
Brasil	Vivo	100%
Argentina	Movista	98.3%
Chile	Movistar Chile	99.1%

Contenido digital y asociaciones de transmisión

Colaboraciones clave de contenido digital:

• Netflix: Acuerdo de distribución de contenido
• Disney+: Servicios de transmisión agrupados
• HBO Max: plataforma de transmisión integrada

Asociaciones de ciberseguridad e innovación digital

Colaboración estratégica de innovación e innovación:

Puesta en marcha	Enfoque de innovación	Monto de la inversión
Tecnologías cyxtera	Soluciones de ciberseguridad	37 millones de euros
Telefónica Innovation Ventures	Inversiones de transformación digital	€ 126 millones

Telefónica, S.A. (TEF) - Modelo de negocios: actividades clave

Servicios de telecomunicaciones móviles y de línea fija

Telefónica opera en 12 países, proporcionando servicios de telecomunicaciones móviles y de línea fija a 351.3 millones de clientes a partir de 2023.

Tipo de servicio	Total de clientes	Ingresos (2023)
Servicios móviles	273.4 millones	27.5 mil millones de euros
Servicios de línea fija	77.9 millones	12.3 mil millones de euros

Desarrollo y mantenimiento de la infraestructura digital

Telefónica invirtió 4.300 millones de euros en infraestructura de red en 2023.

• Cobertura de red total de fibra óptica: 156 millones de locales
• Inversión de infraestructura de red: 11.2% de los ingresos totales

Expansión de la red e implementación de tecnología 5G

Métrica de red 5G	Estadística de cobertura
5G Cobertura de población en España	85%
Cobertura de población 5G en Alemania	62%
Cobertura de población 5G en Brasil	45%

Consultoría de transformación digital para empresas

Telefónica Tech generó € 1.7 mil millones en ingresos de los servicios de transformación digital en 2023.

• Ingresos de servicios de ciberseguridad: 524 millones de euros
• Ingresos de servicios en la nube: € 672 millones
• Soluciones digitales empresariales: € 504 millones

Aprovisionamiento de servicios de Internet y datos

Métrica de servicio de Internet	2023 datos
Clientes de banda ancha en Internet	41.2 millones
Uso promedio de datos mensuales por cliente	284 GB
Ingresos de servicios de Internet	8,6 mil millones de euros

Telefónica, S.A. (TEF) - Modelo de negocios: recursos clave

Infraestructura extensa de la red de telecomunicaciones

Telefónica opera una infraestructura de red global que abarca 14 países de Europa y América Latina. La cobertura de red total incluye:

Región	Cobertura de red	Inversión en red (2023)
España	99.7% de cobertura de población	1.800 millones de euros
Brasil	95.3% de cobertura de población	2.200 millones de euros
Alemania	92.5% de cobertura de población	1.500 millones de euros

Capacidades tecnológicas avanzadas y plataformas digitales

La infraestructura tecnológica incluye:

• Red 5G desplegada en 6 países
• Infraestructura de computación en la nube
• AI y plataformas de aprendizaje automático
• Soluciones de conectividad IoT

Fuerza laboral hábil

Composición de la fuerza laboral a partir de 2023:

Total de empleados	Profesionales de I + D	Horas de entrenamiento promedio
116,706	3,200	40 horas/empleado

Licencias de espectro

Spectrum Holdings en mercados clave:

• España: espectro de 3.4-3.8 GHz
• Brasil: 700 MHz, 2.3 GHz, bandas de 3.5 GHz
• Alemania: 700 MHz, espectro de 3.6 GHz

Capital financiero

Recursos financieros para la inversión y la innovación:

Activos totales	Capex anual	Inversión de I + D
€ 127.5 mil millones	4.600 millones de euros	1.100 millones de euros

Telefónica, S.A. (TEF) - Modelo de negocio: propuestas de valor

Soluciones integrales de conectividad digital

Telefónica ofrece soluciones de conectividad digital de extremo a extremo con las siguientes métricas clave:

Categoría de servicio	Cobertura global	Penetración del mercado
Red móvil	24 países	351.7 millones de clientes
Internet de banda ancha	12 mercados primarios	129,4 millones de clientes de banda ancha/fijos

Servicios de Internet móviles y de banda ancha de alta calidad

Rendimiento de la red y métricas de calidad de servicio:

• Cobertura de red 4G: 82.3% entre territorios operativos
• Implementación de red 5G: activo en 6 mercados clave
• Velocidad de datos móviles promedio: 47.2 Mbps

Productos digitales innovadores para consumidores y empresas

Categoría de productos	Inversión anual	Base de usuarios
Servicios digitales	1.200 millones de euros	73.6 millones de clientes digitales
Soluciones en la nube	456 millones de euros	42,000 clientes comerciales

Experiencias de telecomunicaciones personalizadas

Métricas de personalización:

• Interacciones del cliente impulsadas por la IA: 67% del servicio al cliente
• Planes móviles personalizados: 94 configuraciones de planes diferentes
• Tasa de participación digital del cliente: 52.3%

Ecosistema digital integrado

Componente del ecosistema	Integración total	Ingresos anuales
Plataforma de servicios digitales	12 servicios integrados	3.400 millones de euros
Conectividad IoT	26.7 millones de dispositivos conectados	678 millones de euros

Telefónica, S.A. (TEF) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

Telefónica opera plataformas digitales que atienden a 347.4 millones de clientes en 12 países. Su aplicación móvil MYO2 tiene 22.8 millones de usuarios activos a partir de 2023. La plataforma de autoservicio digital procesa aproximadamente el 65% de las interacciones de servicio al cliente.

Plataforma	Usuarios activos	Interacciones de servicio
Aplicación móvil myo2	22.8 millones	65% de las interacciones totales
Portal de clientes web	18.5 millones	42% de las interacciones totales

Canales de atención al cliente personalizados

Telefónica mantiene la atención al cliente 24/7 a través de múltiples canales, con un tiempo de respuesta promedio de 3.2 minutos en las plataformas digitales.

• Canal de soporte de whatsapp
• Soporte de chat en vivo
• Servicio al cliente de las redes sociales
• Líneas de soporte telefónico dedicadas

Programas de fidelización y paquetes de servicio a medida

El programa de fidelización de Telefónica 'O2 Priority' tiene 15,6 millones de miembros registrados, generando un 8,2% de ingresos adicionales a través de ofertas personalizadas.

Programa de fidelización	Miembros	Impacto de ingresos
Prioridad de O2	15.6 millones	8.2% de ingresos adicionales

Estrategias de comunicación multicanal

Telefónica utiliza un enfoque omnicanal con 6 canales de comunicación primarios, asegurando una experiencia perfecta del cliente en las plataformas digitales y tradicionales.

• Aplicación móvil
• Portal web
• Tiendas físicas
• Soporte telefónico
• Comunicación por correo electrónico
• Plataformas de redes sociales

Participación regular del cliente a través de puntos de contacto digitales

Las métricas de participación digital muestran que el 73% de las interacciones de los clientes ocurren a través de plataformas en línea, con una tasa promedio de participación mensual del 52% en los canales digitales.

Métrica de compromiso digital	Porcentaje
Porcentaje de interacción en línea	73%
Compromiso mensual del canal digital	52%

Telefónica, S.A. (TEF) - Modelo de negocios: canales

Portales web en línea

Telefónica opera múltiples plataformas en línea:

• Movistar.es - Portal web de consumo primario con 42.3 millones de visitantes mensuales únicos
• O2.com - Plataforma digital específica del Reino Unido con 18.6 millones de usuarios registrados
• Vivo.com.br - Portal de servicios digitales brasileños con 31.7 millones de interacciones web mensuales

Plataforma web	Visitantes mensuales	Función principal
Movistar.es	42.3 millones	Gestión de servicios del consumidor
O2.com	18.6 millones	Servicios móviles y de banda ancha
Vivo.com.br	31.7 millones	Registro de servicios digitales

Aplicaciones móviles

Telefónica mantiene múltiples canales de aplicaciones móviles:

• Mi aplicación Movistar - 22.4 millones de usuarios mensuales activos
• Aplicación de prioridad de O2 - 7.5 millones de descargas
• Aplicación Vivo - 15.9 millones de usuarios activos

Tiendas minoristas físicas

Presencia minorista de Telefónica:

• España: 1.287 tiendas minoristas de Movistar
• Reino Unido: 452 ubicaciones minoristas de O2
• Brasil: 896 tiendas de marca Vivo

Redes de revendedor autorizadas

País	Número de revendedores autorizados	Volumen de ventas anual
España	3,456	782 millones de euros
Brasil	2,789	1.200 millones de euros
Reino Unido	1,345	567 millones de euros

Equipos de ventas directos para soluciones empresariales

Composición del equipo de ventas empresarial:

• Representantes de ventas empresariales globales: 1.876
• Valor promedio del contrato anual: € 4.3 millones
• Ingresos totales del segmento empresarial: € 6.7 mil millones en 2023

Telefónica, S.A. (TEF) - Modelo de negocio: segmentos de clientes

Consumidores residenciales

A partir de 2023, Telefónica sirve 124.1 millones de accesos móviles A nivel mundial, con una presencia significativa en los mercados clave.

Mercado	Accesos móviles	Conexiones de banda ancha
España	20.8 millones	6.4 millones
Brasil	37.3 millones	9.2 millones
Alemania	16.5 millones	2.3 millones

Empresas pequeñas y medianas

Telefónica sirve Aproximadamente 1.5 millones de PYME en sus mercados operativos.

• Puerta de cartera de servicios digitales dirigidos a las PYME
• Soluciones de computación en la nube
• Servicios de ciberseguridad
• Paquetes de conectividad

Grandes clientes corporativos

Genera el segmento corporativo 4.300 millones de euros en ingresos anuales con más de 50,000 clientes empresariales.

Categoría de servicio	Contribución de ingresos
Servicios de red	1.900 millones de euros
Soluciones en la nube	1.200 millones de euros
Ciberseguridad	0.700 millones de euros

Organizaciones gubernamentales y del sector público

Telefónica sirve Más de 2.000 entidades del sector público en múltiples países.

• Consultoría de transformación digital
• Redes de comunicación seguras
• Soluciones de gobierno electrónico

Mercados internacionales

Telefónica opera en 12 países en toda Europa y América Latina.

Región	Países	Base total de clientes
Europa	España, Alemania, Reino Unido	52.6 millones
América Latina	Brasil, Argentina, Chile, Perú	71.5 millones

Telefónica, S.A. (TEF) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de red

En 2023, Telefónica gastó € 4.5 mil millones en mantenimiento y actualizaciones de infraestructura de red en sus operaciones globales.

Categoría de costos de red	Gasto anual (€)
Infraestructura de red fija	2.1 mil millones
Infraestructura de red móvil	1.800 millones
Expansión de la red de fibra óptica	600 millones

Investigación y desarrollo de tecnología

Telefónica invirtió € 1.2 mil millones en I + D durante 2023, centrándose en la transformación digital y las tecnologías innovadoras.

• IA e Investigación de aprendizaje automático: € 350 millones
• Desarrollo de tecnología 5G y 6G: € 450 millones
• Innovación de ciberseguridad: 200 millones de euros

Salarios y capacitación de los empleados

Los gastos totales de personal para Telefónica en 2023 fueron de aproximadamente € 7.3 mil millones.

Categoría de gastos de los empleados	Costo anual (€)
Salarios base	6.2 mil millones
Programas de capacitación profesional	180 millones
Beneficios para empleados	920 millones

Gastos de marketing y adquisición de clientes

Telefónica asignó € 1.5 mil millones a estrategias de marketing y adquisición de clientes en 2023.

• Campañas de marketing digital: € 600 millones
• Publicidad tradicional: € 450 millones
• Programas de retención de clientes: € 450 millones

Costos de licencia de espectro y cumplimiento regulatorio

Los gastos regulatorios y relacionados con el espectro totalizaron 850 millones de euros en 2023.

Categoría de costos regulatorios	Gasto anual (€)
Tarifas de licencia de espectro	550 millones
Cumplimiento y gastos legales	300 millones

Telefónica, S.A. (TEF) - Modelo de negocios: flujos de ingresos

Suscripciones de servicios móviles

En 2022, Telefónica reportó ingresos por servicios móviles de € 26,2 mil millones. La compañía tuvo 351.7 millones de accesos móviles en sus operaciones globales.

Región	Accesos móviles	Ingresos (mil millones)
España	24.5 millones	6.8
Brasil	94.3 millones	8.2
Alemania	43.2 millones	4.5

Servicios de telecomunicaciones de línea fija

Las telecomunicaciones de línea fija generaron € 10.3 mil millones en ingresos para Telefónica en 2022.

• Accesos de banda ancha fija: 128.5 millones
• Accesos de voz fijos: 99.2 millones
• Cobertura de fibra minorista: 270 millones de instalaciones

Soluciones digitales empresariales

Enterprise Digital Solutions Ingreso alcanzó 6.7 mil millones de euros en 2022.

Categoría de servicio	Ingresos (millones de euros)
Servicios en la nube	1,850
Ciberseguridad	1,200
Soluciones IoT	750

Paquetes de datos y conectividad

Los ingresos por datos y conectividad totalizaron € 15.4 mil millones en 2022.

• Tráfico de datos móviles: 36.8 millones de TB
• Consumo promedio de datos móviles por usuario: 4.5 GB/mes

Servicios digitales y contenido de valor agregado

Los servicios de valor agregado generaron € 3.2 mil millones en ingresos para Telefónica en 2022.

Servicio digital	Ingresos (millones de euros)
Transmisión de video	890
Entretenimiento digital	670
Servicios de tecnología financiera	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.