Telefónica, S.A. (TEF): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico das telecomunicações globais, a Telefónica, a S.A. está em uma interseção crítica de inovação tecnológica, complexidade regulatória e transformação de mercado. Essa análise abrangente de pestles revela os desafios e oportunidades multifacetadas que enfrentam um dos gigantes de telecomunicações mais sofisticados do mundo, explorando como paisagens políticas, pressões econômicas, mudanças sociais, deslerupções tecnológicas, estruturas legais e imperadores ambientais. Mergulhe em uma jornada esclarecedora que desconstrói o intrincado ecossistema que influencia as operações globais e o potencial futuro da Powerhouse de telecomunicações.

Telefónica, S.A. (TEF) - Análise de pilão: Fatores políticos

Os regulamentos de telecomunicações do governo espanhol afetam as operações domésticas

A estrutura regulatória de telecomunicações espanholas, governada pelo Comisión Nacional de Los Mercados y la competência (CNMC), influencia diretamente as operações domésticas da Telefónica.

Aspecto regulatório	Impacto específico	Custo de conformidade (€)
Regulamentos de infraestrutura de rede	Requisitos obrigatórios de compartilhamento de rede	57,3 milhões
Alocação de espectro	Restrições de licenciamento de frequência 5G	432,6 milhões
Preços no mercado por atacado	Taxas de interconexão regulamentadas	28,7 milhões

Políticas de mercado único da União Europeia

As políticas de telecomunicações da UE moldam significativamente as estratégias transfronteiriças da Telefónica.

• Custos de conformidade com GDPR: 124,5 milhões de euros
• Investimento digital de mercado único: 276,8 milhões de euros
• Regulamentos transfronteiriços de transferência de dados

Tensões geopolíticas nos mercados latino -americanos

A instabilidade política nos principais mercados latino -americanos apresenta desafios operacionais.

País	Índice de Risco Político	Impacto de receita (%)
Brasil	5.2/10	-3.7%
Argentina	3.8/10	-5.2%
México	6.1/10	-2.5%

Privacidade de dados e pressão regulatória de segurança cibernética

Aumentar os requisitos regulatórios para proteção de dados e segurança cibernética.

• Investimentos de conformidade de segurança cibernética: 89,6 milhões de euros
• Atualizações de infraestrutura de proteção de dados: 67,3 milhões de euros
• Risco anual de penalidade regulatória: 12,4 milhões de euros

Telefónica, S.A. (TEF) - Análise de pilão: Fatores econômicos

A volatilidade econômica global desafia o crescimento da receita da TEF em vários mercados

A Telefónica relatou receitas totais de € 41,4 bilhões em 2022, com um ligeiro declínio de 0,7% em comparação com o ano anterior. A empresa opera em vários mercados, incluindo Espanha, Alemanha, Brasil, Argentina, Chile, Peru e Colômbia.

Mercado	Receita 2022 (€ bilhão)	Crescimento/declínio da receita
Espanha	11.2	+1.3%
Alemanha	8.7	-2.1%
Brasil	7.5	+4.2%

O investimento contínuo de infraestrutura digital requer despesas de capital significativas

A Telefónica investiu 7,1 bilhões de euros em infraestrutura de rede e transformação digital em 2022. As despesas de capital da empresa focaram na expansão da rede 5G e na infraestrutura de fibra óptica.

Categoria de investimento	Valor (bilhão de euros)
Rede 5G	3.2
Infraestrutura de fibra óptica	2.5
Transformação digital	1.4

O mercado competitivo de telecomunicações aciona a compressão da margem

A margem EBITDA da Telefónica foi de 32,6% em 2022, representando uma diminuição de 1,2 ponto percentual em relação a 2021. O mercado competitivo em regiões -chave contribuiu para a pressão da margem.

Mercado	Margem Ebitda	Nível de concorrência no mercado
Espanha	36.5%	Alto
Alemanha	29.8%	Muito alto
Brasil	33.2%	Alto

As flutuações da taxa de câmbio afetam o desempenho financeiro internacional

As variações da taxa de câmbio resultaram em um impacto negativo de € 1,3 bilhão nas receitas consolidadas da Telefónica em 2022, principalmente dos mercados latino -americanos.

Moeda	Volatilidade da taxa de câmbio	Impacto na receita (milhão de euros)
Real brasileiro	14.5%	-580
Peso argentino	22.3%	-350
Peso chileno	10.2%	-220

Telefónica, S.A. (TEF) - Análise de pilão: Fatores sociais

O aumento das exigências de conectividade digital remodelam as expectativas de telecomunicações do consumidor

A penetração global da Internet atingiu 66,2% em 2023, com 5,3 bilhões de usuários ativos na Internet em todo o mundo. Os usuários móveis da Internet constituem 92,7% do total de usuários da Internet, representando 4,9 bilhões de indivíduos.

Região	Taxa de penetração na Internet	Usuários móveis da Internet
Europa	87.3%	636 milhões
América latina	73.8%	517 milhões

As tendências de trabalho remotas aceleram a demanda por tecnologias avançadas de comunicação

A adoção de trabalho remoto é globalmente em 28,2% a partir de 2023, com crescimento projetado para 32,6% até 2025.

Tecnologia de comunicação	Tamanho do mercado (2023)	Taxa de crescimento projetada
Videoconferência	US $ 9,4 bilhões	11,5% CAGR
Plataformas de comunicação em nuvem	US $ 22,6 bilhões	15,7% CAGR

Mudanças demográficas nos mercados emergentes criam novas oportunidades de serviço

A população juvenil da América Latina (15-24 anos) representa 17,5% da população total, com 78,6% de penetração de smartphones nessa demografia.

País	População juvenil	Penetração de smartphone
Brasil	16.8%	82.3%
Espanha	10.2%	93.7%

Crescente conscientização do consumidor sobre soluções de privacidade digital e tecnologia sustentável

O mercado global de privacidade de dados estimado em US $ 83,7 bilhões em 2023, com crescimento esperado para US $ 252,4 bilhões até 2028.

Área de preocupação com privacidade	Nível de conscientização do consumidor	Investimento anual
Proteção de dados	76.4%	US $ 42,3 bilhões
Tecnologia sustentável	68.9%	US $ 37,6 bilhões

Telefónica, S.A. (TEF) - Análise de pilão: Fatores tecnológicos

Implantação de rede 5G como investimento crítico de infraestrutura estratégica

A Telefónica investiu 1,84 bilhão de euros em infraestrutura de rede em 2023, com a implantação 5G como foco principal. A partir do quarto trimestre de 2023, a empresa alcançou a cobertura 5G em 14 países, com 81,5% de cobertura de rede na Espanha e 65,3% na Alemanha.

País	Cobertura 5G (%)	Investimento (milhão de euros)
Espanha	81.5%	456
Alemanha	65.3%	378
Brasil	52.7%	312
Reino Unido	47.9%	265

Inteligência artificial e integração de aprendizado de máquina no gerenciamento de rede

A Telefónica alocou € 327 milhões para as tecnologias de IA e aprendizado de máquina em 2023, implementando soluções avançadas de manutenção preditiva e otimização de rede.

Aplicação da IA	Investimento (milhão de euros)	Melhoria de eficiência (%)
Manutenção preditiva de rede	124	18.6%
Automação de atendimento ao cliente	89	22.3%
Segurança cibernética	114	15.7%

Computação em nuvem e transformações tecnológicas de computação de borda

A Telefónica expandiu sua infraestrutura em nuvem, investindo 412 milhões de euros em tecnologias de computação em nuvem e borda. A empresa gerencia 47 data centers em 14 países, com uma capacidade total de armazenamento de 3,2 petabytes.

Serviço em nuvem	Investimento (milhão de euros)	Capacidade (petabytes)
Nuvem pública	186	1.5
Nuvem privada	142	1.1
Computação de borda	84	0.6

Pesquisa e desenvolvimento em andamento em inovação de telecomunicações

A Telefónica comprometeu 789 milhões de euros à pesquisa e desenvolvimento em 2023, com foco em tecnologias emergentes, como 6G, computação quântica e soluções avançadas de telecomunicações.

Área de pesquisa	Investimento (milhão de euros)	Foco principal da inovação
Pesquisa 6G	276	Protocolos de rede de próxima geração
Computação quântica	214	Tecnologias de comunicação segura
Soluções IoT	299	Plataformas de conectividade inteligentes

Telefónica, S.A. (TEF) - Análise de pilão: Fatores legais

Conformidade regulatória internacional complexa em várias jurisdições

A Telefónica opera em 14 países com desafios regulatórios significativos. A empresa enfrenta diversas estruturas legais em diferentes mercados.

País	Custo de conformidade regulatória (anualmente)	Principais órgãos regulatórios
Espanha	€ 42,3 milhões	CNMC (Comissão Nacional de Mercados e Concorrência)
Brasil	€ 35,7 milhões	Anatel (Agência Nacional de Telecomunicações)
Alemanha	€ 28,5 milhões	Bnetza (Federal Network Agency)
Reino Unido	€ 33,2 milhões	Ofcom (Office of Communications)

Aumento da proteção de dados e requisitos legais de segurança cibernética

Despesas de conformidade: A Telefónica investiu € 187,5 milhões em medidas de segurança cibernética e proteção de dados em 2023.

Regulamento	Custo de conformidade	Status de implementação
GDPR (União Europeia)	€ 62,4 milhões	100% compatível
LGPD (Brasil)	€ 41,3 milhões	98% compatível
Lei de Proteção de Dados do Reino Unido	€ 33,8 milhões	100% compatível

Potencial escrutínio antitruste na consolidação do mercado de telecomunicações

Processos legais: Investigações antitruste em andamento em várias jurisdições.

Mercado	Investigações antitruste em andamento	Impacto financeiro potencial
União Europeia	2 investigações ativas	Potencial € 250 milhões em multas
Brasil	1 Investigação ativa	Potencial € 180 milhões em multas
Espanha	1 revisão preliminar	Potencial € 95 milhões em multas

Proteção de propriedade intelectual para inovações tecnológicas

Portfólio IP: 1.247 patentes ativas nas tecnologias de telecomunicações.

Área de tecnologia	Número de patentes	Despesas anuais de proteção IP
Tecnologias 5G	378 patentes	€ 43,2 milhões
Computação em nuvem	276 patentes	€ 32,7 milhões
Segurança de rede	212 patentes	€ 28,5 milhões
AI e aprendizado de máquina	184 patentes	€ 37,9 milhões

Telefónica, S.A. (TEF) - Análise de pilão: Fatores ambientais

Compromisso em reduzir as emissões de carbono em infraestrutura de telecomunicações

A Telefónica se comprometeu a reduzir as emissões de gases de efeito estufa em 70% até 2030 em comparação com a linha de base de 2015. A empresa alcançou uma redução de 52% nas emissões de carbono em 2022. O escopo 1 e 2 emissões totalizaram 626.000 toneladas de CO2 em 2022.

Alvo de redução de emissão	Ano base	Ano -alvo	Porcentagem de redução
Redução de emissões de carbono	2015	2030	70%

Tecnologia sustentável e iniciativas de energia verde em operações de rede

A Telefónica investiu 238 milhões de euros em projetos de energia renovável em 2022. A empresa adquiriu 100% de eletricidade renovável no Brasil, Alemanha, Espanha e Reino Unido. O consumo total de energia renovável atingiu 4.600 GWh em 2022.

Investimento de energia renovável	Consumo de energia renovável	Países com eletricidade 100% renovável
238 milhões de euros	4.600 GWh	4 países

Estratégias eletrônicas de gerenciamento de resíduos e economia circular

Telefónica coletou e reciclou 16.000 toneladas de resíduos eletrônicos em 2022. A Companhia implementou uma estratégia de economia circular com 97% dos resíduos sendo reutilizados ou reciclados. O programa de reciclagem de dispositivos móveis processou 1,2 milhão de dispositivos em 2022.

Resíduos eletrônicos coletados	Taxa de reciclagem de resíduos	Dispositivos móveis reciclados
16.000 toneladas métricas	97%	1,2 milhão

Adaptação de mudanças climáticas para infraestrutura global de telecomunicações

A Telefónica desenvolveu planos de resiliência climática para 14 países, com foco na proteção da infraestrutura e na confiabilidade da rede. A empresa investiu 42 milhões de euros em tecnologias de adaptação climática em 2022. Avaliações de vulnerabilidade de infraestrutura de rede foram realizados em 90% das regiões operacionais.

Países com planos de resiliência climática	Investimento de adaptação climática	Cobertura de avaliação de vulnerabilidade de rede
14	€ 42 milhões	90%

Telefónica, S.A. (TEF) - PESTLE Analysis: Social factors

Focus on reducing the digital divide by connecting communities

You can't talk about a telecommunications giant without discussing its social footprint, especially when it comes to the digital divide-that chasm between the connected and the unconnected. Telefónica sees this not just as a corporate responsibility, but as a core business driver. The company's strategy focuses on closing both the coverage gap (physical access to networks) and the usage gap (digital skills and affordability).

As of the first quarter of 2025, Telefónica had passed 80 million Fiber-to-the-Home (FTTH) premises and reached 170.9 million premises with ultra-broadband networks globally, which is a massive infrastructure commitment to closing the coverage gap. But connectivity is only half the battle. To tackle the usage gap, they are pushing digital literacy programs. For example, the New Career Network platform aims to help people with digital skills training, setting a target of 15,000 registered people on the platform in 2025. Honestly, connecting a rural village is one thing; teaching people to use the connection is another.

ESG targets linked to 20% of employees' annual variable pay

Here's a clear signal on what the company values: Telefónica has directly tied its Environmental, Social, and Governance (ESG) performance to employee compensation. Specifically, 20% of all employees' annual variable pay is linked to the achievement of specific sustainability goals. This isn't just a C-suite initiative; it's a company-wide incentive to drive change.

This approach makes every employee a stakeholder in the company's social and environmental impact. The key performance indicators (KPIs) for this portion of the bonus are structured around four critical areas:

• Customer Trust (measured by NPS).
• Societal Trust (measured by reputation monitoring).
• Gender Equality (percentage of female managers).
• Climate Change (CO2 emission reductions).

This is a defintely powerful mechanism for embedding sustainability into the corporate culture and ensuring that social goals are treated with the same rigor as financial targets.

High Net Promoter Score (NPS) of 35 as of Q1 2025, showing strong customer loyalty

Customer loyalty is a core social factor, translating directly into brand health and long-term revenue stability. Telefónica tracks this via the Net Promoter Score (NPS), a measure of customer willingness to recommend a company's products or services. A high score indicates strong customer trust and a lower churn risk.

The company reported a record high NPS of 35 points for the first quarter of the 2025 fiscal year. This strong score, which covers key markets like Spain, Germany, and Brazil, reflects the success of their focus on customer experience and service quality. For context, a score over 30 is generally considered excellent in the telecommunications industry.

Metric	Value (Q1 2025)	Significance
Net Promoter Score (NPS)	35 points	Indicates strong customer loyalty and brand advocacy.
FTTH Premises Passed	80 million	Measure of connectivity infrastructure investment.
Net Financial Debt	€27,049 million	A key driver for cost-saving restructuring efforts.

Plans to cut approximately 6,000 jobs in Spain to streamline operations

On the other side of the social ledger is the painful reality of workforce restructuring. As of late 2025, Telefónica is moving forward with plans to cut at least 6,000 jobs, primarily in Spain, by the end of the year. This move, known as an Expediente de Regulación de Empleo (ERE), is an incentivized early-retirement plan and is expected to be finalized with unions by December 2025.

Here's the quick math: the cuts represent approximately 6% to 7% of the company's global workforce of around 100,000 employees. This streamlining is a direct consequence of technological transformation, specifically the completion of the copper network shutdown in Spain in May 2025, which requires fewer maintenance staff, plus the increasing use of AI and automation. While financially prudent for reducing the substantial Net Financial Debt of €27,049 million reported in Q1 2025, this action carries a significant social risk in terms of public perception and labor relations.

Telefónica, S.A. (TEF) - PESTLE Analysis: Technological factors

Leading 5G Coverage

Telefónica's technological strength is defintely anchored in its aggressive 5G rollout across its core markets. You're seeing a significant competitive edge here, particularly in Europe, which translates directly into better service quality and capacity for new revenue streams. The near-complete coverage in key markets minimizes the risk of customer churn to competitors.

As of the 2025 fiscal year, the 5G coverage figures show a strong commitment. Here's the quick math on market penetration:

Country	5G Coverage Percentage (2025)	Strategic Implication
Germany	98%	Near-universal coverage supports high-value enterprise services (e.g., smart factories).
Spain	94%	High penetration enables fixed-wireless access (FWA) competition against fiber providers.
UK	78%	Solid foundation for high-speed mobile data, slightly behind top peers, but rapidly expanding.
Brazil	64%	Market-leading position in Latin America's largest economy, driving mobile data uptake.

This high coverage means the company can start shifting capital expenditure (CapEx) from network build-out to service innovation. That's a powerful financial lever.

Heavy Investment in Artificial Intelligence (AI) for Network Autonomy and Efficiency

The company isn't just building networks; it's making them smarter. Telefónica is pouring capital into Artificial Intelligence (AI) to achieve network autonomy-meaning the network can manage, optimize, and even repair itself with minimal human intervention. This isn't a futuristic concept; it's a critical operational efficiency play right now.

The immediate benefit for you is a lower operational expenditure (OpEx). AI is used to predict and prevent network failures, automatically adjust capacity to meet demand spikes, and optimize energy consumption. For example, AI-driven energy efficiency is a major focus, reducing the power drain from the massive 5G infrastructure. This is about cutting costs and improving service quality at the same time.

Telefónica Tech Growth and Diversification

The growth of Telefónica Tech is a clear sign that the company is successfully diversifying beyond traditional connectivity. This division focuses on high-growth areas like cybersecurity, cloud services, and the Internet of Things (IoT). It's a vital hedge against the commoditization of mobile and fixed line services.

The numbers speak for themselves. Telefónica Tech revenue grew by a strong 12.5% in Q2 2025, reaching €566 million. This growth rate is significantly higher than the core connectivity business and demonstrates that the company is capturing value in the B2B digital transformation space. This segment is where the higher margins live, so it's a key indicator of future profitability.

What this estimate hides is the gross margin improvement, which is often much higher in tech services than in infrastructure. This segment is the future growth engine.

Developing Quantum-Safe Services and Exposing Network Functions via Open Gateway

Telefónica is actively addressing both near-term commercial opportunities and long-term security risks. The development of quantum-safe services is a proactive measure against the eventual threat of quantum computing breaking current encryption standards. It's a necessary, forward-looking security investment for high-value enterprise and government clients.

Also, they are exposing network functions via Open Gateway (Application Programming Interfaces, or APIs). This initiative, driven by the GSMA, turns the complex network infrastructure into simple, consumable building blocks for developers. This is a massive opportunity to create new, high-value services and revenue streams by letting third-party developers easily access capabilities like:

• Checking a user's phone number for fraud prevention.
• Verifying a device's location for security.
• Requesting quality-of-service (QoS) on demand for critical applications.

This API-as-a-service model is crucial for transforming the telco into a platform company, moving beyond just being a pipe for data.

Telefónica, S.A. (TEF) - PESTLE Analysis: Legal factors

Compliance with EU's Corporate Sustainability Reporting Directive (CSRD)

The European Union's Corporate Sustainability Reporting Directive (CSRD) is a major legal driver for Telefónica, pushing for deeper integration of environmental, social, and governance (ESG) metrics into core financial reporting. The company is already aligning its comprehensive Annual Sustainability Report with the CSRD and the new European Sustainability Reporting Standards (ESRS). This is a heavy lift, but it's a necessary one to maintain investor confidence in Europe.

To be fair, Telefónica has been ahead of the curve, which helps. Their commitment to sustainable finance, for example, reached 37.4% of total financing by the end of 2024, moving toward a target of ~40% by 2026. This legal framework also requires granular reporting on the EU Taxonomy, where Telefónica reported a 2024 alignment of 3.1% for revenues and 7.4% for CapEx (Capital Expenditure), which is reportedly the highest aligned CapEx among European telcos. This reporting is now a legal obligation, not just a voluntary disclosure.

Adherence to IFRS (International Financial Reporting Standards) for Hispam divestments

The strategic divestment of non-core assets in Hispam (Telefónica Hispanoamérica) has created a significant, complex legal and accounting task: adhering to International Financial Reporting Standards (IFRS). Specifically, IFRS 5, which governs Non-current Assets Held for Sale and Discontinued Operations, is the key standard here. This ensures the Group's financial statements accurately reflect the ongoing core business.

The legal and financial teams have been busy with perimeter changes. For the 2025 fiscal year reporting, several operations have been reclassified as discontinued operations. Here's the quick math on the key divestment actions and their IFRS reporting status as of late 2025:

Hispam Operation	IFRS Status (2025)	Deconsolidation/Reclassification Date
Telefónica Argentina	Discontinued Operation	Deconsolidated since February 24, 2025
Telefónica Peru	Discontinued Operation	Deconsolidated since April 13, 2025
Telefónica Uruguay	Held for Sale	Classified as held for sale at September 30, 2025
Telefónica Ecuador	Held for Sale	Classified as held for sale at September 30, 2025

What this estimate hides is the operational and legal complexity of separating these entities while maintaining IFRS compliance across multiple jurisdictions. The deconsolidation process for Argentina and Peru, for instance, directly impacts the Group's reported revenue and EBITDA figures for 2025, making year-on-year comparisons tricky.

Regulatory pressure remains on market consolidation, despite calls for scale

The European telecommunications sector is still excessively fragmented, and current European Union regulatory policy remains a headwind, not a tailwind, for consolidation. Telefónica's executive leadership has been vocal in 2025, urging the European Commission to adjust regulations to allow for consolidation and scale. This is a critical legal barrier to achieving the capacity needed to compete with US and Asian tech giants.

The company argues that the current antitrust framework, which prioritizes competition at all costs, hinders the necessary multi-billion-euro investments in next-generation networks like fiber and 5G. They want regulators to modify objectives to permit technological and telecom consolidation, which they believe would 'reinforce European strategic autonomy.' The current regulatory framework imposes a complex set of approximately 34 different obligations on European telecom customers throughout their lifecycle, contributing to the fragmentation problem.

Data privacy and security regulations are a top priority for quantum-safe services

Data privacy and security regulations are no longer just about the General Data Protection Regulation (GDPR); they are now about future-proofing the network against quantum computing threats. The 'store-now-decrypt-later' threat means sensitive data captured today could be decrypted by a cryptographically relevant quantum computer in the future. This makes compliance with security standards a top priority.

Telefónica is addressing this by focusing on quantum-safe networks. In January 2025, Telefónica Tech signed a collaboration agreement with IBM to develop and deliver security solutions that implement the new quantum-safe cryptography standards defined by the U.S. National Institute of Standards and Technology (NIST). This partnership is a direct, concrete action to mitigate a future regulatory and security risk.

The regulatory landscape is also in flux with the EU's 'Digital Omnibus' package, released in November 2025, which aims to simplify and consolidate data rules, keeping the Data Act and GDPR central. For Telefónica, this means a continuous, resource-intensive effort to ensure compliance across all its data protection initiatives:

• Integrating post-quantum encryption into services like IoT communications.
• Reinforcing the protection of eSIMs for smart devices and utilities.
• Applying a model based on the Principle of Proactive Responsibility, conducting continuous self-assessments of regulatory compliance.

The legal risk here is not just fines-which can be up to 4% of global annual turnover under GDPR-but a catastrophic breach of customer trust in the quantum era. It's a race against time and technology, defintely.

Telefónica, S.A. (TEF) - PESTLE Analysis: Environmental factors

Global Goal of Net Zero Emissions by 2040 Across the Value Chain

When you look at Telefónica's environmental strategy, the headline is a clear, long-term commitment: achieving net-zero emissions across the entire value chain (Scopes 1, 2, and 3) by 2040. That's a huge undertaking, but it's essential for a company of this scale, and it's validated by the Science Based Targets initiative (SBTi). The near-term focus is even more aggressive for their core operations, which is where the financial risk often sits.

The company has a critical intermediate goal to reach net-zero emissions in its own operations (Scopes 1 and 2) in its main markets, specifically Spain, Germany, and Brazil, by the end of 2025. This means they are working to neutralize any unavoidable operational emissions in these key regions through high-quality carbon credits, specifically nature-based projects, by this fiscal year.

Reduced Combined Scope 1, 2, and 3 Emissions by 52.1%

The real measure of progress isn't just the future goal; it's the distance they've already covered. Telefónica has already reduced its combined Scope 1, 2, and 3 Greenhouse Gas (GHG) emissions by a significant 52.1% over the last nine years, using 2015 as the baseline. This reduction is a direct result of their network transformation and renewable energy strategy. For an investor, this track record shows that their climate action plan isn't just talk; it's driving real, measurable change.

Here's the quick math on their emissions reduction progress and targets, which maps out the near-term risk and opportunity:

Metric	Baseline	Target Year	Target Reduction	Progress (as of 2024)
Operational Emissions (Scope 1 & 2)	2015	2025 (Main Markets)	90% reduction	84.8% reduction
Value Chain Emissions (Scope 3)	2016	2030 (Global)	56% reduction	31.3% reduction
Total Emissions (Scopes 1, 2, & 3)	2015	2040 (Global)	Net Zero	52.1% reduction

100% Renewable Electricity Used in Core Markets

A major lever for their emissions reduction is their Renewable Energy Plan. As of 2024, Telefónica sources 100% of its electricity from renewable sources in its core markets: Europe (Spain, UK, Germany), Brazil, Peru, and Chile. This is a huge de-risking factor, insulating their operations in these regions from fossil fuel price volatility and carbon taxes. Globally, their total electricity consumption from renewable sources stood at 89% in 2024.

They are working to close that remaining gap, with a goal to reach 100% renewable electricity usage across all global operations by 2030. This is defintely a key metric to watch, as it directly impacts their Scope 2 emissions.

• Source 100% renewable power in Europe, Brazil, Peru, and Chile.
• Global renewable electricity consumption reached 89% in 2024.
• Goal is 100% renewable globally by 2030.

Energy Efficiency Target Redefined to 95% Improvement by 2030

The other side of the coin is energy efficiency. The company is in a constant battle against rising data traffic-which has increased 7.4 times since 2015-while simultaneously trying to use less power. They've been very successful, largely by migrating customers from older copper networks to fiber-optic, which is 85% more energy efficient, and deploying 5G, which is up to 90% more efficient per transported byte than 4G.

They have set a new, ambitious goal to reduce energy consumption per unit of traffic by 95% by 2030. This represents a significant step-up from their previous 2025 goal of a 90% reduction. In 2024 alone, they executed 201 energy efficiency initiatives, which resulted in a cost saving of €55 million in a single year. That's a direct operational saving that hits the bottom line, making green initiatives a financial positive, not just a compliance cost.