Telefónica, S.A. (TEF): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das telecomunicações, a Telefónica, S.A., é uma potência global, transformando a conectividade digital por meio de um modelo de negócios intrincado e inovador. Essa gigante de telecomunicações foi magistralmente unida parcerias estratégicas, capacidades tecnológicas de ponta e um ecossistema digital abrangente que abrange os continentes, fornecendo soluções de conectividade sem costura a milhões de consumidores e empresas na Europa e na América Latina. Ao alavancar sua infraestrutura robusta, plataformas digitais avançadas e abordagem centrada no cliente, a Telefónica se posicionou como um participante fundamental no cenário digital em constante evolução, adaptando-se continuamente às mudanças tecnológicas e às demandas do mercado.

Telefónica, S.A. (TEF) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com provedores de tecnologia

A Telefónica estabeleceu parcerias críticas com os principais fornecedores de infraestrutura de tecnologia:

Parceiro	Detalhes da parceria	Valor anual do contrato
Huawei	5G de implantação de infraestrutura de rede	€ 487 milhões
Ericsson	Equipamento de rede e transformação digital	€ 412 milhões
Nokia	Radio Access Network Technologies	276 milhões de euros

Colaborações de provedores de serviços em nuvem

As parcerias em nuvem da Telefónica incluem:

• Microsoft Azure: Integração de infraestrutura em nuvem
• Amazon Web Services (AWS): Enterprise Cloud Solutions
• Plataforma do Google Cloud: implementação de estratégia de várias nuvens

Provedor de nuvem	Foco em parceria	Investimento anual
Microsoft Azure	Migração em nuvem corporativa	€ 213 milhões
AWS	Infraestrutura em nuvem híbrida	€ 189 milhões

Joint ventures regionais de telecomunicações

Parcerias de telecomunicações regionais da Telefónica:

Região	Empresa parceira	Participação de propriedade
Brasil	Vivo	100%
Argentina	Movistar	98.3%
Chile	Movistar Chile	99.1%

Conteúdo digital e parcerias de streaming

Principais colaborações de conteúdo digital:

• Netflix: Contrato de Distribuição de Conteúdo
• Disney+: Serviços de streaming agrupados
• HBO Max: plataforma de streaming integrada

Parcerias de segurança cibernética e de inovação digital

Colaborações estratégicas de startup e inovação:

Comece	Foco na inovação	Valor do investimento
Tecnologias Cyxtera	Soluções de segurança cibernética	€ 37 milhões
Ventuos de inovação da Telefónica	Investimentos de transformação digital	€ 126 milhões

Telefónica, S.A. (TEF) - Modelo de negócios: Atividades -chave

Serviços de telecomunicações móveis e de linha fixa

A Telefónica opera em 12 países, fornecendo serviços de telecomunicações móveis e de linha fixa para 351,3 milhões de clientes a partir de 2023.

Tipo de serviço	Total de clientes	Receita (2023)
Serviços móveis	273,4 milhões	€ 27,5 bilhões
Serviços de linha fixa	77,9 milhões	€ 12,3 bilhões

Desenvolvimento e manutenção de infraestrutura digital

A Telefónica investiu € 4,3 bilhões em infraestrutura de rede em 2023.

• Cobertura total da rede de fibra óptica: 156 milhões de instalações
• Investimento de infraestrutura de rede: 11,2% da receita total

Expansão de rede e implementação de tecnologia 5G

5G Métrica de rede	Estatística de cobertura
5G Cobertura populacional na Espanha	85%
5G Cobertura populacional na Alemanha	62%
5G Cobertura populacional no Brasil	45%

Consultoria de transformação digital para empresas

A Telefónica Tech gerou 1,7 bilhão de euros em receita dos serviços de transformação digital em 2023.

• Receita de serviços de segurança cibernética: € 524 milhões
• Receita de serviços em nuvem: € 672 milhões
• Enterprise Digital Solutions: € 504 milhões

Provisionamento de serviços de internet e dados

Métrica de Serviço de Internet	2023 dados
Clientes da Internet de banda larga	41,2 milhões
Uso médio mensal de dados por cliente	284 GB
Receita de serviços de Internet	€ 8,6 bilhões

Telefónica, S.A. (TEF) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de rede de telecomunicações

A Telefónica opera uma infraestrutura de rede global que abrange 14 países na Europa e na América Latina. A cobertura total da rede inclui:

Região	Cobertura de rede	Investimento de rede (2023)
Espanha	99,7% de cobertura populacional	€ 1,8 bilhão
Brasil	95,3% de cobertura populacional	2,2 bilhões de euros
Alemanha	92,5% de cobertura populacional	€ 1,5 bilhão

Capacidades tecnológicas avançadas e plataformas digitais

A infraestrutura tecnológica inclui:

• Rede 5G implantada em 6 países
• Infraestrutura de computação em nuvem
• AI e plataformas de aprendizado de máquina
• Soluções de conectividade da IoT

Força de trabalho qualificada

Composição da força de trabalho a partir de 2023:

Total de funcionários	Profissionais de P&D	Horário médio de treinamento
116,706	3,200	40 horas/funcionário

Licenças de espectro

Holdings de espectro nos principais mercados:

• Espanha: espectro de 3,4-3,8 GHz
• Brasil: 700 MHz, 2,3 GHz, bandas de 3,5 GHz
• Alemanha: 700 MHz, espectro de 3,6 GHz

Capital financeiro

Recursos financeiros para investimento e inovação:

Total de ativos	Capex anual	Investimento em P&D
€ 127,5 bilhões	€ 4,6 bilhões	€ 1,1 bilhão

Telefónica, S.A. (TEF) - Modelo de negócios: proposições de valor

Soluções abrangentes de conectividade digital

A Telefónica oferece soluções de conectividade digital de ponta a ponta com as seguintes métricas-chave:

Categoria de serviço	Cobertura global	Penetração de mercado
Rede móvel	24 países	351,7 milhões de clientes
Internet de banda larga	12 mercados primários	129,4 milhões de clientes de banda larga/fixos

Serviços de Internet móvel e de banda larga de alta qualidade

Desempenho de rede e métricas de qualidade de serviço:

• Cobertura da rede 4G: 82,3% em territórios operacionais
• Implantação de rede 5G: ativo em 6 mercados -chave
• Velocidade média de dados móveis: 47,2 Mbps

Produtos digitais inovadores para consumidores e negócios

Categoria de produto	Investimento anual	Base de usuários
Serviços digitais	€ 1,2 bilhão	73,6 milhões de clientes digitais
Soluções em nuvem	€ 456 milhões	42.000 clientes comerciais

Experiências de telecomunicações personalizadas

Métricas de personalização:

• Interações com clientes orientadas pela IA: 67% do atendimento ao cliente
• Planos móveis personalizados: 94 configurações de plano diferentes
• Taxa de engajamento digital do cliente: 52,3%

Ecossistema digital integrado

Componente do ecossistema	Integração total	Receita anual
Plataforma de serviços digitais	12 serviços integrados	€ 3,4 bilhões
Conectividade da IoT	26,7 milhões de dispositivos conectados	€ 678 milhões

Telefónica, S.A. (TEF) - Modelo de negócios: relacionamentos com o cliente

Plataformas de autoatendimento digital

A Telefónica opera plataformas digitais que atendem a 347,4 milhões de clientes em 12 países. O aplicativo Myo2 Mobile possui 22,8 milhões de usuários ativos a partir de 2023. A plataforma de autoatendimento digital processa aproximadamente 65% das interações de atendimento ao cliente.

Plataforma	Usuários ativos	Interações de serviço
MYO2 Mobile App	22,8 milhões	65% do total de interações
Portal do cliente da web	18,5 milhões	42% do total de interações

Canais de suporte ao cliente personalizados

A Telefónica mantém o suporte ao cliente 24/7 por meio de vários canais, com um tempo médio de resposta de 3,2 minutos em plataformas digitais.

• Canal de suporte do WhatsApp
• Suporte ao bate -papo ao vivo
• Atendimento ao cliente de mídia social
• Linhas de suporte telefônicas dedicadas

Programas de fidelidade e pacotes de serviço personalizados

O Programa de Fidelidade da Telefónica, 'O2 Priority', possui 15,6 milhões de membros registrados, gerando 8,2% de receita adicional por meio de ofertas personalizadas.

Programa de fidelidade	Membros	Impacto de receita
O2 Prioridade	15,6 milhões	8,2% de receita adicional

Estratégias de comunicação multicanais

A Telefónica utiliza uma abordagem omnichannel com 6 canais de comunicação primários, garantindo a experiência contínua do cliente em plataformas digitais e tradicionais.

• Aplicativo móvel
• Portal da Web
• Lojas físicas
• Suporte por telefone
• Comunicação por e -mail
• Plataformas de mídia social

Engajamento regular do cliente através de pontos de contato digitais

As métricas de engajamento digital mostram que 73% das interações com os clientes ocorrem por meio de plataformas on -line, com uma taxa média mensal de engajamento de 52% nos canais digitais.

Métrica de engajamento digital	Percentagem
Porcentagem de interação online	73%
Engajamento mensal do canal digital	52%

Telefónica, S.A. (TEF) - Modelo de negócios: canais

Portais da web online

A Telefónica opera várias plataformas online:

• MOVISTAR.ES - Portal da web do consumidor principal com 42,3 milhões de visitantes mensais únicos
• O2.com - Plataforma digital específica do Reino Unido com 18,6 milhões de usuários registrados
• Vivo.com.br - Portal de serviço digital brasileiro com 31,7 milhões de interações mensais da Web

Plataforma da Web	Visitantes mensais	Função primária
Movistar.es	42,3 milhões	Gerenciamento de Serviços ao Consumidor
O2.com	18,6 milhões	Serviços móveis e de banda larga
Vivo.com.br	31,7 milhões	Registro de Serviço Digital

Aplicativos móveis

Telefónica mantém vários canais de aplicativos móveis:

• My Movistar App - 22,4 milhões de usuários mensais ativos
• O2 App Priority - 7,5 milhões de downloads
• App Vivo - 15,9 milhões de usuários ativos

Lojas de varejo físico

Presença de varejo da Telefónica:

• Espanha: 1.287 lojas de varejo Movistar
• Reino Unido: 452 O2 Locais de varejo
• Brasil: 896 lojas da marca Vivo

Redes de revendedores autorizados

País	Número de revendedores autorizados	Volume anual de vendas
Espanha	3,456	€ 782 milhões
Brasil	2,789	€ 1,2 bilhão
Reino Unido	1,345	€ 567 milhões

Equipes de vendas diretas para soluções corporativas

Composição da equipe de vendas corporativas:

• Representantes de vendas da empresa global: 1.876
• Valor médio anual do contrato: 4,3 milhões de euros
• Receita do segmento total da empresa: 6,7 bilhões de euros em 2023

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

Consumidores residenciais

A partir de 2023, a Telefónica serve 124,1 milhões de acessos móveis Globalmente, com presença significativa nos principais mercados.

Mercado	Acessos móveis	Conexões de banda larga
Espanha	20,8 milhões	6,4 milhões
Brasil	37,3 milhões	9,2 milhões
Alemanha	16,5 milhões	2,3 milhões

Pequenas e médias empresas

A Telefónica serve Aproximadamente 1,5 milhão de PME em seus mercados operacionais.

• Portfólio de serviços digitais direcionando as PMEs
• Soluções de computação em nuvem
• Serviços de segurança cibernética
• Pacotes de conectividade

Grandes clientes corporativos

O segmento corporativo gera € 4,3 bilhões em receita anual com mais de 50.000 clientes corporativos.

Categoria de serviço	Contribuição da receita
Serviços de rede	€ 1,9 bilhão
Soluções em nuvem	€ 1,2 bilhão
Segurança cibernética	0,7 bilhão de euros

Organizações do governo e do setor público

A Telefónica serve Mais de 2.000 entidades do setor público em vários países.

• Consultoria de Transformação Digital
• Redes de comunicação segura
• Soluções de governo eletrônico

Mercados internacionais

Telefónica opera em 12 países em toda a Europa e na América Latina.

Região	Países	Base total de clientes
Europa	Espanha, Alemanha, Reino Unido	52,6 milhões
América latina	Brasil, Argentina, Chile, Peru	71,5 milhões

Telefónica, S.A. (TEF) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de rede

Em 2023, a Telefónica gastou 4,5 bilhões de euros em manutenção e atualizações de infraestrutura de rede em suas operações globais.

Categoria de custo de rede	Despesas anuais (€)
Infraestrutura de rede fixa	2,1 bilhões
Infraestrutura de rede móvel	1,8 bilhão
Expansão da rede de fibra óptica	600 milhões

Pesquisa e desenvolvimento de tecnologia

A Telefónica investiu 1,2 bilhão de euros em P&D durante 2023, com foco em transformação digital e tecnologias inovadoras.

• Pesquisa de IA e aprendizado de máquina: € 350 milhões
• Desenvolvimento da tecnologia 5G e 6G: € 450 milhões
• Inovação de segurança cibernética: € 200 milhões

Salários e treinamento de funcionários

O total de despesas de pessoal para a Telefónica em 2023 foi de aproximadamente 7,3 bilhões de euros.

Categoria de despesas com funcionários	Custo anual (€)
Salários da base	6,2 bilhões
Programas de treinamento profissional	180 milhões
Benefícios dos funcionários	920 milhões

Despesas de marketing e aquisição de clientes

A Telefónica alocou € 1,5 bilhão para estratégias de marketing e aquisição de clientes em 2023.

• Campanhas de marketing digital: € 600 milhões
• Publicidade tradicional: € 450 milhões
• Programas de retenção de clientes: € 450 milhões

Licenciamento de espectro e custos de conformidade regulatória

As despesas regulatórias e relacionadas ao espectro totalizaram € 850 milhões em 2023.

Categoria de custo regulatório	Despesas anuais (€)
Taxas de licenciamento de espectro	550 milhões
Conformidade e despesas legais	300 milhões

Telefónica, S.A. (TEF) - Modelo de negócios: fluxos de receita

Assinaturas de serviço móvel

Em 2022, a Telefónica relatou receitas de serviço móvel de € 26,2 bilhões. A empresa tinha 351,7 milhões de acessos móveis em suas operações globais.

Região	Acessos móveis	Receita (€ bilhão)
Espanha	24,5 milhões	6.8
Brasil	94,3 milhões	8.2
Alemanha	43,2 milhões	4.5

Serviços de telecomunicações de linha fixa

As telecomunicações de linha fixa geraram € 10,3 bilhões em receita para a Telefónica em 2022.

• Acesso de banda larga fixa: 128,5 milhões
• Acesso de voz fixo: 99,2 milhões
• Cobertura de fibra de varejo: 270 milhões de instalações

Enterprise Digital Solutions

A receita da Enterprise Digital Solutions atingiu 6,7 bilhões de euros em 2022.

Categoria de serviço	Receita (milhão de €)
Serviços em nuvem	1,850
Segurança cibernética	1,200
Soluções IoT	750

Pacotes de dados e conectividade

A receita de dados e conectividade totalizou € 15,4 bilhões em 2022.

• Tráfego de dados móveis: 36,8 milhões de TB
• Consumo médio de dados móveis por usuário: 4,5 GB/mês

Serviços digitais e conteúdos de valor agregado

Os serviços de valor agregado geraram € 3,2 bilhões em receita para a Telefónica em 2022.

Serviço digital	Receita (milhão de €)
Streaming de vídeo	890
Entretenimento digital	670
Serviços de Tecnologia Financeira	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.