Telefónica reported net profit of €464 million for the first nine months of 2026, compared with a €1.08 billion loss in the same period of 2025. That reversal matters, but the available figures establish the outcome rather than a complete explanation for the return to profit.
According to elDiario.es, which cited the company’s filing to Spain’s securities regulator CNMV, Telefónica reported group revenue of €24.825 billion from January to September. That was up 2.8% at real exchange rates, or 1.0% at constant exchange rates, from a year earlier.
Spain provided a further positive data point. Revenue there reached €9.828 billion, up 2.5%. elDiario.es described this as the company’s fastest growth in more than 15 years. For a group whose domestic business remains important to its position in Spain, the increase indicates commercial momentum worth tracking.
Still, the numbers supplied do not show which elements produced the swing from loss to profit. They do not break out the role of ordinary operations, asset sales, accounting items or other exceptional factors. Nor does the excerpt provide free cash flow, net debt, market-level profitability, shareholder returns or guidance for the full year.
The strongest case for calling this a recovery is straightforward: profit improved while Spanish revenue rose. That is enough to mark a meaningful improvement in the reported results. It is not enough to judge how durable that improvement is. Telefónica’s full CNMV filing will need to show whether the €464 million profit rests chiefly on repeatable operating performance and how it fits with the group’s wider financial position.
Sources
- elDiario.es · Source date: 2026-11-12
Independent editorial content. WUA is not affiliated with any political party. 2026-11-12