Telefónica, S.A. (TEF): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des télécommunications, Telefónica, S.A. est une puissance mondiale, transformant la connectivité numérique via un modèle commercial complexe et innovant. Ce géant des télécommunications a magistralement tissé ensemble des partenariats stratégiques, des capacités technologiques de pointe et un écosystème numérique complet qui couvre les continents, offrant des solutions de connectivité transparentes à des millions de consommateurs et d'entreprises en Europe et en Amérique latine. En tirant parti de son infrastructure robuste, de ses plates-formes numériques avancées et de son approche centrée sur le client, Telefónica s'est positionnée comme un acteur pivot dans le paysage numérique en constante évolution, s'adaptant en permanence aux changements technologiques et aux demandes de marché.

Telefónica, S.A. (TEF) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fournisseurs de technologies

Telefónica a établi des partenariats critiques avec les principaux fournisseurs d'infrastructures technologiques:

Partenaire	Détails du partenariat	Valeur du contrat annuel
Huawei	Déploiement d'infrastructure réseau 5G	487 millions d'euros
Éricson	Équipement réseau et transformation numérique	412 millions d'euros
Nokia	Technologies du réseau d'accès radio	276 millions d'euros

Collaborations de fournisseurs de services cloud

Les partenariats cloud de Telefónica comprennent:

• Microsoft Azure: intégration des infrastructures cloud
• Amazon Web Services (AWS): Enterprise Cloud Solutions
• Google Cloud Plateforme: implémentation de la stratégie multi-nuages

Fournisseur de cloud	Focus de partenariat	Investissement annuel
Microsoft Azure	Migration du cloud d'entreprise	213 millions d'euros
AWS	Infrastructure cloud hybride	189 millions d'euros

Coentreprises régionales de télécommunications

Partenariats régionaux de télécommunications de Telefónica:

Région	Entreprise partenaire	Pieu de propriété
Brésil	Vivo	100%
Argentine	Movistar	98.3%
Chili	Movistar Chili	99.1%

Contenu numérique et partenariats de streaming

Collaborations clés du contenu numérique:

• Netflix: accord de distribution de contenu
• Disney +: services de streaming groupés
• HBO Max: plate-forme de streaming intégrée

Partenariats de cybersécurité et d'innovation numérique

Collaborations stratégiques de démarrage et d'innovation:

Démarrer	Focus de l'innovation	Montant d'investissement
Cyxtera Technologies	Solutions de cybersécurité	37 millions d'euros
Téléfónica Innovation Ventures	Investissements de transformation numérique	126 millions d'euros

Telefónica, S.A. (TEF) - Modèle d'entreprise: Activités clés

Services de télécommunications mobiles et fixe

Telefónica opère dans 12 pays, fournissant des services de télécommunications mobiles et à ligne fixe à 351,3 millions de clients en 2023.

Type de service	Total des clients	Revenus (2023)
Services mobiles	273,4 millions	27,5 milliards d'euros
Services à ligne fixe	77,9 millions	12,3 milliards d'euros

Développement et maintenance des infrastructures numériques

Telefónica a investi 4,3 milliards d'euros dans l'infrastructure réseau en 2023.

• Couverture totale du réseau de fibres optiques: 156 millions de locaux
• Investissement dans l'infrastructure du réseau: 11,2% des revenus totaux

Expansion du réseau et mise en œuvre de la technologie 5G

Métrique du réseau 5G	Statistique de la couverture
Couverture de la population 5G en Espagne	85%
Couverture de la population 5G en Allemagne	62%
Couverture de la population 5G au Brésil	45%

Conseil de transformation numérique pour les entreprises

Telefónica Tech a généré 1,7 milliard d'euros de revenus des services de transformation numérique en 2023.

• Revenus de services de cybersécurité: 524 millions d'euros
• Revenus de services cloud: 672 millions d'euros
• Solutions numériques d'entreprise: 504 millions d'euros

Provisioning de services Internet et de données

Métrique du service Internet	2023 données
Clients Internet à large bande	41,2 millions
Utilisation mensuelle moyenne des données par client	284 Go
Revenus des services Internet	8,6 milliards d'euros

Telefónica, S.A. (TEF) - Modèle d'entreprise: Ressources clés

Infrastructure du réseau de télécommunications étendues

Telefónica exploite une infrastructure de réseau mondiale couvrant 14 pays à travers l'Europe et l'Amérique latine. La couverture totale du réseau comprend:

Région	Couverture réseau	Investissement en réseau (2023)
Espagne	Couverture de la population à 99,7%	1,8 milliard d'euros
Brésil	95,3% de couverture de la population	2,2 milliards d'euros
Allemagne	Couverture de la population de 92,5%	1,5 milliard d'euros

Capacités technologiques avancées et plateformes numériques

L'infrastructure technologique comprend:

• Réseau 5G déployé dans 6 pays
• Infrastructure de cloud computing
• Plate-forme d'IA et d'apprentissage automatique
• Solutions de connectivité IoT

Main-d'œuvre qualifiée

Composition de la main-d'œuvre en 2023:

Total des employés	R&D Professionals	Heures de formation moyennes
116,706	3,200	40 heures / employé

Licences de spectre

Spectrum Holdings sur les principaux marchés:

• Espagne: spectre 3,4-3,8 GHz
• Brésil: 700 MHz, 2,3 GHz, bandes 3,5 GHz
• Allemagne: 700 MHz, spectre 3,6 GHz

Capital financier

Ressources financières pour l'investissement et l'innovation:

Actif total	Capex annuel	Investissement en R&D
127,5 milliards d'euros	4,6 milliards d'euros	1,1 milliard d'euros

Telefónica, S.A. (TEF) - Modèle d'entreprise: propositions de valeur

Solutions complètes de connectivité numérique

Telefónica propose des solutions de connectivité numérique de bout en bout avec les mesures clés suivantes:

Catégorie de service	Couverture mondiale	Pénétration du marché
Réseau mobile	24 pays	351,7 millions de clients
Internet à large bande	12 marchés primaires	129,4 millions de clients à large bande / fixe

Services Internet mobiles et haut débit de haute qualité

Performances du réseau et métriques de qualité du service:

• Couverture du réseau 4G: 82,3% entre les territoires opérationnels
• Déploiement du réseau 5G: actif sur 6 marchés clés
• Vitesse moyenne des données mobiles: 47,2 Mbps

Produits numériques innovants pour les consommateurs et les entreprises

Catégorie de produits	Investissement annuel	Base d'utilisateurs
Services numériques	1,2 milliard d'euros	73,6 millions de clients numériques
Solutions cloud	456 millions d'euros	42 000 clients commerciaux

Expériences de télécommunications personnalisées

Métriques de personnalisation:

• Interactions du client axées sur l'AI: 67% du service client
• Plans mobiles personnalisés: 94 Configurations de plan différentes
• Taux d'engagement des clients numériques: 52,3%

Écosystème numérique intégré

Composant écosystème	Intégration totale	Revenus annuels
Plateforme de services numériques	12 services intégrés	3,4 milliards d'euros
Connectivité IoT	26,7 millions d'appareils connectés	678 millions d'euros

Telefónica, S.A. (TEF) - Modèle d'entreprise: relations clients

Plates-formes de libre-service numériques

Telefónica exploite des plateformes numériques desservant 347,4 millions de clients dans 12 pays. Leur application mobile MyO2 compte 22,8 millions d'utilisateurs actifs en 2023. La plate-forme numérique en libre-service traite environ 65% des interactions du service client.

Plate-forme	Utilisateurs actifs	Interactions de service
Application mobile myo2	22,8 millions	65% des interactions totales
Portail client Web	18,5 millions	42% des interactions totales

Canaux de support client personnalisés

Telefónica maintient le support client 24/7 via plusieurs canaux, avec un temps de réponse moyen de 3,2 minutes sur les plates-formes numériques.

• Channel de support WhatsApp
• Support de chat en direct
• Service client sur les réseaux sociaux
• Lignes de support téléphonique dédiées

Programmes de fidélité et forfaits de service sur mesure

Le programme de fidélité de Telefónica «priorité O2» compte 15,6 millions de membres enregistrés, générant 8,2% de revenus supplémentaires grâce à des offres personnalisées.

Programme de fidélité	Membres	Impact sur les revenus
Priorité O2	15,6 millions	8,2% de revenus supplémentaires

Stratégies de communication multicanal

Telefónica utilise une approche omnicanal avec 6 canaux de communication principaux, garantissant une expérience client transparente sur les plateformes numériques et traditionnelles.

• Application mobile
• Portail Web
• Magasins physiques
• Assistance téléphonique
• Communication par e-mail
• Plateformes de médias sociaux

Engagement client régulier à travers des points de contact numériques

Les mesures d'engagement numérique montrent que 73% des interactions client se produisent via des plateformes en ligne, avec un taux d'engagement mensuel moyen de 52% sur les canaux numériques.

Métrique de l'engagement numérique	Pourcentage
Pourcentage d'interaction en ligne	73%
Engagement mensuel des canaux numériques	52%

Telefónica, S.A. (TEF) - Modèle d'entreprise: canaux

Portails Web en ligne

Telefónica exploite plusieurs plateformes en ligne:

• Movistar.es - Portail Web de consommation primaire avec 42,3 millions de visiteurs mensuels uniques
• O2.com - plate-forme numérique spécifique au Royaume-Uni avec 18,6 millions d'utilisateurs enregistrés
• Vivo.com.br - Portail de service numérique brésilien avec des interactions Web mensuelles de 31,7 millions

Plate-forme Web	Visiteurs mensuels	Fonction primaire
Movistar.es	42,3 millions	Gestion des services aux consommateurs
O2.com	18,6 millions	Services mobiles et à large bande
Vivo.com.br	31,7 millions	Enregistrement des services numériques

Applications mobiles

Telefónica maintient plusieurs canaux d'application mobile:

• Mon application Movistar - 22,4 millions d'utilisateurs mensuels actifs
• O2 Priority App - 7,5 millions de téléchargements
• Application Vivo - 15,9 millions d'utilisateurs actifs

Magasins de vente au détail physique

Présence commerciale de Telefónica:

• Espagne: 1 287 magasins de détail Modistar
• Royaume-Uni: 452 O2 Retails Lieu
• Brésil: 896 magasins de marque Vivo

Réseaux de revendeurs autorisés

Pays	Nombre de revendeurs autorisés	Volume des ventes annuelles
Espagne	3,456	782 millions d'euros
Brésil	2,789	1,2 milliard d'euros
Royaume-Uni	1,345	567 millions d'euros

Équipes de vente directes pour les solutions d'entreprise

Composition de l'équipe de vente d'entreprise:

• Représentants mondiaux des ventes d'entreprises: 1 876
• Valeur du contrat annuel moyen: 4,3 millions d'euros
• Revenu total du segment de l'entreprise: 6,7 milliards d'euros en 2023

Telefónica, S.A. (TEF) - Modèle d'entreprise: segments de clientèle

Consommateurs résidentiels

En 2023, Telefónica sert 124,1 millions d'accès mobiles À l'échelle mondiale, avec une présence significative sur les marchés clés.

Marché	Accès mobiles	Connexions à large bande
Espagne	20,8 millions	6,4 millions
Brésil	37,3 millions	9,2 millions
Allemagne	16,5 millions	2,3 millions

Petites et moyennes entreprises

Telefónica sert environ 1,5 million de PME sur ses marchés d'exploitation.

• Portefeuille de services numériques ciblant les PME
• Solutions de cloud computing
• Services de cybersécurité
• Packages de connectivité

GRANDES clients d'entreprise

Le segment d'entreprise génère 4,3 milliards d'euros de revenus annuels avec plus de 50 000 clients d'entreprise.

Catégorie de service	Contribution des revenus
Services réseau	1,9 milliard d'euros
Solutions cloud	1,2 milliard d'euros
Cybersécurité	0,7 milliard d'euros

Organisations du gouvernement et du secteur public

Telefónica sert Plus de 2 000 entités du secteur public dans plusieurs pays.

• Conseil de transformation numérique
• Réseaux de communication sécurisés
• Solutions de gouvernement électronique

Marchés internationaux

Telefónica opère dans 12 pays à travers l'Europe et l'Amérique latine.

Région	Pays	Total de clientèle
Europe	Espagne, Allemagne, Royaume-Uni	52,6 millions
l'Amérique latine	Brésil, Argentine, Chili, Pérou	71,5 millions

Telefónica, S.A. (TEF) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

En 2023, Telefónica a dépensé 4,5 milliards d'euros pour la maintenance des infrastructures réseau et les mises à niveau de ses opérations mondiales.

Catégorie de coûts de réseau	Dépenses annuelles (€)
Infrastructure réseau fixe	2,1 milliards
Infrastructure de réseau mobile	1,8 milliard
Extension du réseau de fibre optique	600 millions

Recherche et développement technologiques

Telefónica a investi 1,2 milliard d'euros en R&D en 2023, en se concentrant sur la transformation numérique et les technologies innovantes.

• Recherche de l'IA et de l'apprentissage automatique: 350 millions d'euros
• Développement technologique 5G et 6G: 450 millions d'euros
• Innovation de cybersécurité: 200 millions d'euros

Salaires et formation des employés

Les dépenses totales du personnel de Telefónica en 2023 étaient d'environ 7,3 milliards d'euros.

Catégorie de dépenses des employés	Coût annuel (€)
Salaires de base	6,2 milliards
Programmes de formation professionnelle	180 millions
Avantages sociaux	920 millions

Frais de marketing et d'acquisition des clients

Telefónica a alloué 1,5 milliard d'euros aux stratégies de marketing et d'acquisition de clients en 2023.

• Campagnes de marketing numérique: 600 millions d'euros
• Publicité traditionnelle: 450 millions d'euros
• Programmes de rétention de la clientèle: 450 millions d'euros

Coûts de licence de spectre et de conformité réglementaire

Les dépenses réglementaires et liées au spectre ont totalisé 850 millions d'euros en 2023.

Catégorie de coûts réglementaires	Dépenses annuelles (€)
Frais de licence de spectre	550 millions
Compliance et dépenses juridiques	300 millions

Telefónica, S.A. (TEF) - Modèle d'entreprise: Strots de revenus

Abonnements de services mobiles

En 2022, Telefónica a rapporté des revenus de services mobiles de 26,2 milliards d'euros. La société avait 351,7 millions d'accès mobiles à travers ses opérations mondiales.

Région	Accès mobiles	Revenus (milliards d'euros)
Espagne	24,5 millions	6.8
Brésil	94,3 millions	8.2
Allemagne	43,2 millions	4.5

Services de télécommunications à ligne fixe

Les télécommunications en ligne fixe ont généré 10,3 milliards d'euros de revenus pour Telefónica en 2022.

• Accès fixe à haut débit: 128,5 millions
• Accès à la voix fixe: 99,2 millions
• Couverture des fibres de vente au détail: 270 millions de locaux

Solutions numériques d'entreprise

Enterprise Digital Solutions Revenue a atteint 6,7 milliards d'euros en 2022.

Catégorie de service	Revenus (€ millions)
Services cloud	1,850
Cybersécurité	1,200
Solutions IoT	750

Packages de données et de connectivité

Les revenus de données et de connectivité ont totalisé 15,4 milliards d'euros en 2022.

• Trafic de données mobiles: 36,8 millions de TB
• Consommation moyenne de données mobiles par utilisateur: 4,5 Go / mois

Services et contenu numériques à valeur ajoutée

Les services à valeur ajoutée ont généré 3,2 milliards d'euros de revenus pour Telefónica en 2022.

Service numérique	Revenus (€ millions)
Streaming vidéo	890
Divertissement numérique	670
Services de technologie financière	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.