Telefónica reduced its losses but still remained negative.

Telefónica closed the first quarter with a net loss of 411 million euros, a marked improvement compared to the red of 1.3 billion recorded in the same period of 2025.

The group's adjusted EBITDA rose to 2.84 billion euros from 2.80 billion the previous year, with a margin that grew from 34.6% to 34.9%.

Consolidated revenues showed a slight increase, reaching 8.13 billion euros against 8.09 billion in the first quarter of the previous quarter. Supporting the result was mainly the growth in revenues from services, which increased by 1.1% on a sequential basis.

On the geographical front, the company showed good dynamics in Spain and Brazil, where revenues increased by 2% and 7.4% respectively with the same perimeter. In Germany, on the other hand, revenues fell by 8.6%, penalized by the weakness of the mobile market and temporary pressure on mobile phone services. Analysts' estimates collected by the company's consensus indicated revenues of 8.07 billion euros and an adjusted Ebitda of 2.79 billion. The group also confirmed guidance for the entire year, which predicts revenue growth of between 1.5% and 2.5%